Myco Foods, a Darlington-based, vegan meat manufacturer was able to score £250,000 in funding from NPIF – FW Capital Debt Finance, and they excitedly shared their upcoming plans for creating jobs and further expansion.
In June 2016, Myco Foods was founded by Mike Botha, John Shepherd, and Jay Croslegh. Their goal was to create products geared towards reducing and/or eliminating meat consumption in those who haven’t gone vegetarian or vegan (yet).
The money has already been making a big difference for the company. The Director of Myco Food, Jay Croslegh, explained, “The first tranche of funding has allowed us to create new jobs, doubling our workforce, and expand our sales team to drive coverage nationally in the food service sector, developing long-term relationships and supply into the NHS, universities and contract caterers.”
FW Capital was intrigued by what Myco Foods had to offer, particularly in Britain right now. Keith Charlton, investment executive at FW Capital, explained:
“The non-meat food sector in which the company operates is large and growing due to a significant move towards healthy and sustainable, environmentally friendly food. This is reflected in Britain becoming a nation of flexitarians, actively choosing to eat less meat to stay healthier, with a reduction of meat in diet being linked to reduced risk of diabetes, heart disease and cancer.”
With public perception of veganism rapidly on the rise in the UK, there seems to be little time better to invest in vegan brands than now. Veganism is on the rise and innovative brands like Myco Foods are leading the way.