TheVeganKind raises £3.5m in series A funding round with support from PwC
Glasgow-based vegan subscription business TheVeganKind has raised £3.5 million in Series A Capital funding after being advised by PwC.
Husband and wife co-founders, Scott and Karris McCulloch launched TheVeganKind subscription delivery box service in 2013 after identifying challenges associated with finding vegan options on the high street. An online vegan supermarket followed in 2016, with their 2 websites TheVeganKind.com & TheVeganKindSupermarket.com now averaging 350,000 visits per month.
As part of the £3.5m investment led by Literacy Capital Plc, additional retail and consumer experience will be added to the business in the short term to help the existing team take the business forwards.
PwC supported the firm throughout the process from the preparation of key investor materials, investor relations and term sheet negotiations. The PwC team advising on the deal was Glen Waters, Rich Abrahams, Ed Reid and Jason Cohen.
TVK’s mission is “to make a vegan lifestyle accessible to all, providing world class customer service and offering the widest range of products to show how simple it is to live life vegan”. Having started out in their two-bedroom flat, Glasgow-based TVK moved to their new 35,000 sq. ft. warehouse in October 2020 enabling them to offer almost 6,000 plant-based products, all available for next day delivery, seven days a week.
Scott McCulloch, CEO & co-founder of TheVeganKind, 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.
“Thank you so much to the team at PwC for helping facilitate this deal and guiding us through the process. Their support and expertise has been invaluable, along with that of our FD Kate Inshaw who has been an exceptional asset to TheVeganKind since joining, particularly during this fundraise.”
Glen Waters, head of PwC Raise, ventures, added: “It has been a pleasure to work with TheVeganKind led by Scott and Karris on this deal. 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.”
Jason Cohen, manager and PwC Raise, ventures lead for Scotland, commented: “We are delighted to have worked with Scott, Karris, Kate and the team at TheVeganKind on this transformational deal. TheVeganKind is an inspirational Scottish success story, one of true entrepreneurship and reflects growing levels of venture capital investment in recent years and strong investor appetite within our local market.”
Richard Pindar, CIO of Literacy Capital, said: “We are really pleased and excited to have the opportunity to work with Scott, Karris and the rest of the TVK team. 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.”