Food tech business raises £1.7m for future growth

Pasta Evangelists

Guinness Asset Management has led a £1.7m investment for a minority stake in Pasta Evangelists, which is disrupting the UK’s £3.8bn pasta sector, delivering fresh, authentically Italian artisan pasta direct to consumers’ homes across the UK.

Founded in October 2016 by Genoa native Alessandro Savelli and co-founders James McArthur and Chris Rennoldson, Pasta Evangelists is on a mission to become the authority in fresh pasta in the UK. The company believes premium pasta and authentic Italian pasta sauces are two categories that have seen the least innovation in the food industry in the past decade.

The £1.7m equity investment will support the growth ambitions of Pasta Evangelists, which has increased its revenues tenfold over the past 12 months, and more than 90 times since launch in October 2016. Alongside Guinness AM, a number of individual investors have participated in the round, including Martin Mignot, partner of Index Ventures and Nicholas Hassall, former Global Head of UBS’ Consumer & Retail Sector investment banking team. Existing shareholders and “evangelists” include food authorities Giles Coren, Prue Leith and MasterChef judge William Sitwell.

Malcolm King, of Guinness Asset Management, said: “We have been impressed by the obvious passion of the Pasta Evangelists team and the company’s accomplishment to date. The company’s 9.1 out of 10 Trustpilot rating and 10x growth in revenue over the last 12 months evidences not only the quality of the food but also the appeal of the through-the-letterbox consumer model. We are looking forward to working with the Pasta Evangelists team to help them realise the next phase of their growth ambitions.”

The Pasta Evangelists business model, at the convergence of, direct-co-consumer, e-commerce, letterbox delivery and freshness, craftsmanship and provenance, creates a unique proposition that has not seen direct competitors to date. Pasta Evangelists’ strategy includes nationwide shipping of its fresh pasta boxes using next day delivery logistics, innovative insulation technology and reusable ice-packs. Pasta Evangelists has served more than 50,000 portions of pasta over the past two years.

Alessandro Savelli, founder of Pasta Evangelists, said “We are disrupting one of the largest segments in the food space – pasta is a £50bn global category. It is a great vote of confidence in Pasta Evangelists to have Guinness AM partner with us.”.