Alt-meat fried chick*n competitor VFC nets US$3.4M to propel vegan innovation
26 Mar 2021 --- The alternative meat activist brand VFC Foods has secured US$3.4 million in seed funding to scale up production and accelerate growth in the UK market and expand its overseas reach.
The vegan fried chick*n company has been growing in UK retail and foodservice since launching last December as well as expanding into Spain, and has attracted more investor interest as a result, according to the company.
The round has been led by Veg Capital, but also includes some investment from the Senior Leadership Team and Johnson Resolutions.
“The launch phase has been phenomenally successful, with sales far exceeding our expectations, incredible foodservice and retail interest, as well as enquiries from more than 50 countries. All this has shown us two things: we have a brand and a product that people really love, and that we are ready to shift up a gear,” says Stewart McGuckin., director of sales at the company.
Offering “the real deal”
The first three months of trading have allowed the company to generate valuable consumer feedback, which has led to it working on v.2 of the range, with the aim of making the product even more “chicken-like” in terms of texture and flavor profile.
Attracting and satisfying meat eaters is a key objective, as the company measures success publicly on its website in the number of chickens saved. By the end of 2023, VFC plans to achieve sales of £20 million (US$27.5 million), equivalent to three million chickens, and £50 million (US$69 million) in financial year 2025, or 7.5 million chickens.
Ninety percent of all animals slaughtered each year for meat are chickens, making the global chicken meat market worth US$192 billion.
But with changes in consumer behavior and a global shift towards plant-based eating, the alternative meat category saw 18 percent growth in the year to 2019.
This taps into Innova Market Insights’ Top Ten Trend for 2021 “Plant-Forward” which underscores how the plant-based space is evolving and diversifying.
“VFC is exactly the type of company that Veg Capital looks to support. From the focus on removing as many animals from the food chain as possible to their unbashful activism, supporting the education on the impact of one’s dietary choices, we are proud to follow on from our pre-seed investment and support the team in their growth plans,” says Cliff Johnson, financial advisor at Veg Capital.
To steer VFC through the next phase, its co-founder Matthew Glover will become the company’s CEO, while chef Adam Lyons – who created the product at his restaurant, Source – will continue to oversee operations.
At the start of this year, Glover told FoodIngredientsFirst he is hoping to roll out VFC products in the US by the end of this year.
Edited by Gaynor Selby
