ITV Invests £1.5 Million in Plant-Based Meat Business THIS
In a groundbreaking move that could redefine the landscape of plant-based meat advertising, broadcasting giant ITV has invested £1.5 million in Plant Meat Ltd, the parent company of THIS, a London-based meat alternative business.
In exchange for this significant investment, ITV gains advertising inventory across its channels and streaming services, propelling THIS into the forefront of the plant-based meat industry. What’s more, this development marks ITV’s first foray into the food business within its Media for Equity investment fund.
The investment will empower THIS to embark on an ambitious nationwide TV ad campaign, and it cements ITV’s position as a strategic partner for THIS as they continue their journey towards making meat-free dining the norm.
A Milestone Investment and ITV’s Diverse Portfolio
ITV’s decision to invest £1.5 million in THIS is a pivotal moment for both companies. The investment includes the option for ITV to subscribe to two additional tranches of £1.5 million each, highlighting their confidence in THIS’ potential to revolutionise the plant-based meat market.
Additionally, this influx of capital will enable THIS to scale up production, expand its product range, and increase its market share.
Interestingly, THIS is the fourth company to benefit from ITV’s Media for Equity investment fund this year, following Resi, PitPat, and Flarin. While ITV has traditionally been associated with the media and entertainment industry, this marks their first investment in a food business.
The move underscores ITV’s commitment to diversifying its portfolio and supporting innovative companies across various sectors.
THIS’ Excitement and Ambition, and Their Impressive Growth Trajectory
The co-founder and co-chief executive of THIS expressed their excitement about ITV’s involvement, referring to them as a media powerhouse. They also highlighted the opportunity to create the porkiest plant-based TV ad ever and reach a broader audience across the UK.
This investment not only secures THIS’ financial stability but also provides a platform to elevate their brand to new heights.
ITV’s investment comes at a crucial juncture for THIS, as they have made impressive strides in the past three months. They added £1.6 million to the chilled meat-free sector and earned the title of the fastest-growing brand in the category according to IRI Temple Total Grocery.
Impressively, THIS, as the largest independently-owned brand in the sector, is projected to achieve £20 million in revenue this year, representing a remarkable growth of over 50% compared to the previous year.
Strategic Vision for Sustainable Eating and a Distinctive Brand Personality
The director of ITV AdVentures recognises THIS as the fastest-growing plant-based brand in the UK over the last two years, attributing their success to broad retail distribution and strong product innovation.
What’s more, they anticipate that the growing consumer demand for conscious consumption will persist, and THIS, as a certified B Corp with a diverse product range catering to various price points, is well-equipped to make conscious eating accessible to all.
In addition to the financial investment, ITV sees THIS as a brand with a distinctive personality that can create an indelible mark in the world of advertising. They are confident that THIS’ upcoming TV campaign will not only stand out from the crowd but also help establish the brand as a household name synonymous with conscious and sustainable eating choices.
In conclusion
ITV’s investment of £1.5 million in THIS represents a significant milestone for both companies. It not only provides much-needed funding for THIS to expand its market reach but also signifies a shift towards conscious consumption in the media and advertising industry.
As THIS continues its rapid growth and ITV prepares to showcase the brand on a national stage, the partnership between these two entities promises to be a game-changer in the world of plant-based meat advertising, setting a precedent for conscious and sustainable eating habits to become the new norm.
It should be said that the future looks bright for THIS, as they embrace this exciting opportunity to bring their plant-based products into the mainstream and change the way we think about food.
News Credits: ITV invests in plant-based meat business THIS
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