TheVeganKind delivery service raises £3.5m
Expanding: new funds have been raised
TheVeganKind, a Glasgow-based subscription delivery box service, has raised £3.5 million in Series A funding from Literacy Capital.
Husband and wife co-founders, Scott and Karris McCulloch launched the company in 2013 after identifying challenges associated with finding vegan options on the high street.
An online vegan supermarket followed in 2016, now averaging 350,000 visits per month.
Having launched in a two-bedroom flat, TVK moved to a 35,000 sq ft warehouse in October 2020 enabling the firm to offer almost 6,000 plant-based products seven days a week.
Mr McCulloch, CEO, said: “We are so proud to announce this monumental day in our history. In Literacy Capital we have found incredible partners and a value-aligned fund which operates with an added charitable mission.”
Glen Waters, head of PwC RaiseVentures which advised on the deal, said: “It has been a pleasure to work with TheVeganKind.
“TheVeganKind’s growth story is exceptional given they were bootstrapped up until March 2020 and as a team have continued to demonstrate how capable they are, as they look to take the business to that next level. We look forward to watching them scale and view Literacy Capital as a fantastic and experienced growth partner to help them achieve their ambitions”.
Richard Pindar, CIO of Literacy Capital, said: “The tailwinds in the sector, as well as the health, welfare and environmental benefits that TVK is providing are really encouraging.
“The aims and objectives of the founders resonate really well with our own charitable and business objectives. We look forward to assisting the team and helping them to expand TVK even further”.