An Altrincham-based vegan confectionary firm has secured a multi-million pound investment deal – two years after rejecting an offer from Dragons’ Den judge Deborah Meaden.
LoveRaw, founded in 2013 by husband and wife team Manav and Rimi Thapar, sells a range of 100% natural, vegan chocolate buttercup products.
The product is now manufactured in five flavours and sold in supermarkets and other stockists across 10 countries globally.
Blue Horizon Ventures, a venture capitalist renowned for investing in plant-based food brands and already a backer of Beyond Meat, has announced a seven-figure investment in LoveRaw.
Two years ago, Rimi rejected a £50,000 investment offered by Meaden on Dragons’ Den, in return for a 40 share of the comapny, as she was determined to retain a higher equity stake.
The former hedge fund marketer originally launched the business from her kitchen table and worked 20-hour days to fulful her first 500-box order from WholeFoods.
The company now claims a 98% year-on-year growth rate, and has nine staff, which is forecast to double by the end of this year.
Michael Kleindl, founder and managing partner of Blue Horizon Ventures, said: “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. We are confident that LoveRaw has the opportunity to become market leaders in their sector.”
Juliet Barratt, co-founder of Grenade high protein snacks, has also been appointed a non-executive director at LoveRaw.
Rimi Thapar added: “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. We are so glad that we waited for the right investor and didn’t buckle when the Dragon’s Den offer came in when we so needed it!”