Huel, a London-based startup that produces and sells powder meals for busy people, has landed a £20 million funding round from Highland Capital. This is the company's first round of funding since its inception in 2015.
Huel — a portmanteau of “human fuel” — offers a range of “nutritionally complete” foods, meaning that a human being could receive all the nutrients they need from it. The company claims that its product's impact on animals and the environment is “minimal.”
The startup, which competes with other powder food makers like the US-based Soylent, has already sold over 25 million meals across 80 countries. It currently employs 65 people in its offices in London, Los Angeles, and Berlin.
“Huel has been profitable since day one and is on track to triple turnover this year,” said the company's co-founder Julian Hearn. “In order to accelerate growth, expand our product portfolio and reach new markets, we decided to take external funding into the company. These developments present a really exciting time for Huel and the ‘complete food’ category in general. We expect further innovation will follow as a consequence soon.”