Huel raises $24m from Highland Europe and celebrity backers to fund global expansion
Highland Europe led the $24m investment, which values the plant-based food brand at $560m.
London-based Huel manufactures plant-based, nutritionally complete meals designed for convenience and sustainability.
Plant-based nutrition brand Huel has secured $24m in a funding round led by Highland Europe, valuing the business at $560m. The capital injection arrives alongside backing from a cohort of high-profile individuals, including actor Idris Elba, Sabrina Dhowre Elba, broadcaster Jonathan Ross, and TALA chief executive Grace Beverley.
The business intends to deploy the proceeds primarily toward accelerating its international footprint, with a particular emphasis on the US market. Additional funds will support ongoing product innovation and the continued expansion of its physical retail presence alongside its established digital channels.
This latest financing builds upon another robust trading period for the London enterprise, which reported revenues of $170m for the year leading up to July 2022. The company has distributed over 270m meals globally since its inception, with international transactions now accounting for half of total sales.
From the founder
"Highland Europe has been a strong backer for our business in the last four years and we’re delighted about the extra support from Idris, Sabrina, Grace and Jonathan. Our investors have all expressed their belief for what we are trying to achieve at Huel – making nutritionally complete, convenient, affordable food, with minimal impact on animals and the environment."
James McMaster
CEO at Huel
Investor perspective
"I’ve been a Hueligan for several years now, starting my journey while preparing for my role in Thor, so to come on board with Huel was an easy decision. I believe in their mission to deliver nutritionally complete food, sustainably. We have some exciting projects coming up and I look forward to spreading the message and raising awareness around healthy, low carbon food."
Idris Elba
Actor, musician, filmmaker, philanthropist and UN Goodwill Ambassador, Idris Elba
Use of funds
- 01Expand into international markets
- 02Continue product development
Investors
Highland Europe
Idris Elba
Idris Elba
Sabrina Dhowre Elba
Jonathan Ross
Grace Beverley
Grace Beverley
