Plant-based food brand Huel adds $24 million to the fire in new funding round

Huel, the UK-based maker of vegan, lactose-free, and soya-free nutritional bars, supplements, and meal-replacement shakes has raised $24 million in a new funding round at a valuation of $560 million.

Led by existing investor Highland Europe, the round also saw the participation of SAG-winning actor, musician, filmmaker, philanthropist, and UN Goodwill Ambassador Idris Elba OBE, his wife Sabrina Dhowre Elba, also a UN Goodwill Ambassador, award-winning TV presenter, Jonathan Ross, and sustainable activewear brand TALA’s CEO, Grace Beverley.

Through the raise, Huel plans to continue its product innovation efforts, expand further into retail, and continued international growth, with a strong focus on the brand’s second-largest market, the US.

According to the company, the brand has sold over 270 million meals worldwide since its inception in 2015, with 50% of sales now occurring outside the UK. 

Driven by a strong focus on new customer acquisition, product launches, and retail store expansions, Huel’s revenue for the year to the end of July 2022 was $170 million, accounting for a 40% year-on-year rise. 

On the raise, Huel CEO James McMaster commented, “Highland Europe have been a strong backer for our business in the last four years and we’re delighted about the extra support from Idris, Sabrina, Grace, and Jonathan. Our investors have all expressed their belief in what we are trying to achieve at Huel – making nutritionally complete, convenient, affordable food, with minimal impact on animals and the environment.”