Irish meat alternative producer Thank Plants receives €400,000 Redesdale investment
Rose Hynes, director of Dole plc, will also join the board of the plant-based start-up
Redesdale plans to make a second funding injection into Thank Plants in 12-18 months time.
Thank Plants, a Dublin-headquartered producer of plant-based meat alternatives, has been awarded €400,000 in funding from the Redesdale Food Fund.
Thanks Plants was founded by Aisling Cullen in 2020 and produces plant-based products including sausages and roasts made with seitan, beans and potatoes.
The products are available in more than 170 stores in Ireland, including Supervalu, Tesco, and many independent retailers. Thank Plants said it has firm plans in place for a step-up in nationwide growth over the next 12 months.
In addition to the €400,000 announced today, Redesdale intends to complete another funding round with Thank Plants in the next 12 to 18 months.
The Redesdale Food Fund (RFF) is a €75 million fund that was announced in December 2021 and founded to provide seed funding and early stage capital to food start-ups.
The fund recently completed a €27 million close, with backers including locally owned Musgrave Group and Monaghan Mushrooms. Lord Abbett, a US asset management company, Coca-Cola and Tate & Lyle also participated.
The fund is also anchored by a €15 million investment by Enterprise Ireland through its Seed & Venture Capital Programme.
Michael Cantwell, a partner in Redesdale said that the fund was “delighted” to support Thank Plants in its ambitious growth strategy.
He said: “Under Aisling’s leadership, the company has already established a sound foothold in the Irish market and a blueprint for further expansion.”
Aisling Cullen said that with Redesdale’s support, she hoped to grow her company to become an international brand in the sector.
“The demand for meat alternatives is growing rapidly with a CARG of 7.3 per cent in the UK, as people shift their diet to a more environmentally sound one.”
As part of the deal, current chairwoman of the Irish Aviation Authority and Origin Enterprises, Rose Hynes, will join the board of Thank Plants as its chairwoman.
Hynes is a lawyer by profession and is also currently a director of Dole plc, the Irish food group.