Vegan chocolate brand LoveRaw secures £2m cash boost from Beyond Meat backer
The confectionery maker secured the investment two years after rejecting an offer on Dragons’ Den.
Vegan confectionery maker LoveRaw has secured a £2 million cash injection from Beyond Meat backer Blue Horizon Ventures to fuel its expansion plans.
The Altrincham-based business has secured the major investment just two years after turning down a funding offer on Dragons’ Den.
In 2018, founder and managing director Rimi Thapar rejected a £50,000 investment offer from Deborah Meaden to support the snack maker, which specialises in vegan chocolate nut butter cups.
She said that since rejecting the offer on the TV show, she has worked with husband and business partner Manav Thapar to grow the brand to retailers across the UK.
The brand, which is now sold in major UK supermarkets such as Waitrose, has seen sales grow 98% over the past year.
It said the funding from Blue Horizon will help LoveRaw to “disrupt” the UK confectionery market as demand for vegan products continues to boom.
Blue Horizon has backed a number of fast-growing vegan brands including plant-based burger producers Beyond Meat and Impossible.
LoveRaw’s growth strategy will also be bolstered by support from newly appointed non-executive director Julia Barrett, who co-founded protein bar brand Grenade.
Ms Thapar said: “We are so glad that we waited for the right investor and didn’t buckle when the Dragons’ Den offer came in when we so needed it.
“Having Blue Horizon on board is game-changing. Regardless of the investment, our values align with theirs – we are all on a mission to make plant-based eating the norm and to also turn LoveRaw into an international brand.”
Michael Kleindl, founder and managing partner of Blue Horizon Ventures, added: “We are extremely pleased to welcome LoveRaw to the Blue Horizon portfolio.
“Together we will work to provide consumers around the world with plant-based and ‘clean label’ products from the indulgence category and aim to convert the current product options towards more sustainable and eco-friendly alternatives.”