smellthe European provider of nutritional products, has sold more than 270 million meals worldwide since Julian Hearn founded the company in 2015. Now, with $24 million in fresh capital, he plans to do even more.
It’s been a while since we covered Huel, which originally launched in the UK in 2017 as a low-carbon, plant-based, low-sugar protein powder product and has since expanded into snack bars. ready to drink and hot lunch options.
In 2019 we reported on them when launched its nutritional bars in the US At the time, the company was buoyed by a $20 million venture round led by Highland Europe, with a valuation of $260 million, raised in 2018. There were even talk about Huel going public in 2021.
Today, much of the company’s sales take place outside the UK, with American “Hueligans,” the company’s loyal fans, representing Huel’s second-biggest market, followed by Germany and Japan, he said. to TechCrunch CEO James McMaster.
The company has now grown to 250 people, including a small office in New York. Year-over-year revenue growth is 40%, to $170 million, which McMaster attributes to such strong new customer growth, the launch of the ready-to-eat hot lunch product (among others), and the company’s transition from only direct to consumer to also retail stores.
Huel’s line of plant-based products. Image Credits: smell
“We are at the stage where having this second round of financing allows us to continue to focus on that growth,” he said. “We are going to continue to innovate with new products and we are very proud of where we are headed. We are now the business that we hope can be a truly global brand.”
Highland Europe is back to lead that new $24 million infusion, which now values Huel at $560 million. Joining the venture fund this time around is a star-studded group of new investors, including actor and UN Goodwill Ambassador Idris Elba and his wife, Sabrina Dhowre Elba, also a UN Goodwill Ambassador, host of television Jonathan Ross and the CEO of sustainable sportswear brand TALA, Grace Beverley. .
“I’ve been a Hueligan for several years, I started my journey while preparing for my role in ‘Thor,’ so joining Huel was an easy decision,” Idris Elba said in a written statement. “I believe in their mission to deliver nutritionally complete food, in a sustainable way. We have some exciting projects coming up and I look forward to spreading the message and raising awareness for healthy, low carbon food.”
Meanwhile, the new funding will also be deployed on continued international expansion, with a focus on the US. The investment will also support new product innovation and continued expansion online and in retail stores.
As part of Elbas’ investment, one of the new projects will include Huel working with them on their climate change initiative to help people eat at 1.5 degrees Celsius, the limit for global warming. Paris Climate Agreement is trying to reach.
Huel’s meals fit into a diet aligned with supporting that reduction, and the company “is excited to be working with Idris and Sabrina as we are equally trying to be a force for good in the world,” added McMaster.
