Meal replacement producer raises £20m to disrupt the food scene
Huel, a market leader of nutritionally complete powdered food has raised £20m in funding from growth equity investor, Highland Europe, who have over €1bn (£870m) of capital under management and have previously backed leading consumer businesses such as MatchesFashion, GetYourGuide and WeTransfer.
This marks Huel’s first external investment since launching in 2015. The new injection of capital will accelerate the launch of new products and further global expansion to support Huel’s vision of providing convenient, affordable and sustainable food.
UK-based Huel was co-founded in 2015 by experienced entrepreneur Julian Hearn, and renowned nutrition expert James Collier. Riding the tailwind of increasing global demand for nutritious yet convenient, complete food, Huel has successfully expanded into Europe and the USA.
Huel has achieved explosive growth while remaining bootstrapped and profitable since day one. Huel has now sold over 25 million meals across 80 countries with a team of 65 based in the UK, LA and Berlin.
This new round of funding will enable Huel to accelerate their expansion into new territories and support the continued development of their innovative products.
As one of the fastest growing companies in the UK, Huel has revolutionised the way we consume food on a daily basis. As a portmanteau of ‘human fuel’, Huel offers consumers a diverse range of nutritionally complete foods in a convenient, affordable format, with minimal impact on animals and the environment.
Being nutritionally complete means each product contains the recommended balance of protein, carbs, fibre and fats, plus all 26 essential vitamins and minerals needed on a daily basis. Huel aims to combat food wastage, estimated at 30%, and lack of understanding of what constitutes a healthy diet leading to growing health concerns related to heavy meat consumption and increased obesity.
Speaking of the investment, Huel’s co-founder, Julian Hearn said: “Huel has been profitable since day one and is on track to triple turnover this year. In order to accelerate growth, expand our product portfolio and reach new markets, we decided to take external funding into the company.
“We’re excited that Highland Europe shares our vision and is now giving us the means and a wealth of experience to scale Huel into a global leader.
“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.”
Commenting on the recent investment, Stan Laurent, Partner at Highland Europe, added: “We knew that Julian and his team had created a special brand before even meeting them: people around us were raving about Huel.
“It’s a textbook example of the next generation of ecommerce businesses: a big mission and brand, innovative products and a superb business model. We’re looking forward to helping Julian and his team scale the business across the globe.”
Huel is catering to those who deem themselves time-poor but looking for a sustainable and healthy meals.
With the growing global population projected to reach 9.7 billion by 2050, Huel is on its way of ensuring it becomes the Food of the Future, offering a sustainable solution for the current food supply chain.