Business
ITV announces investment in THIS
ITV announces investment in THIS.
About this update from Itv Plc
[{"type":"text","content":"\n\nITV announces investment in THIS™\nLondon, 22/09/2023\nITV today announces its latest Media for Equity investment in plant-based meat business THIS™, its first investment in a food company.\nAs part of ITV Adventures Invest, its Media for Equity investment fund, ITV has agreed to subscribe for £1.5 million of shares in Plant Meat Limited, with the option to subscribe for two additional tranches of £1.5 million each, in return for advertising inventory across ITV's channels and ITVX.\nUK's fastest-growing food company*, THIS™ was founded in June 2019 by ex-meat fanatics Andy Shovel and Pete Sharman as a plant-based food brand for meat-lovers. Following two years of extensive research and development with a team of world-leading food scientists and flavourists, they created hyper-realistic meat alternatives. Its award-winning pork, beef and chicken products are available nationwide at major supermarkets, restaurants and cafes. The range is specifically designed to replicate the taste and texture of popular meat products, including pork sausages, beef burgers, chicken and bacon.\nTHIS™ is the fourth Media for Equity investment that ITV has made this year and it follows architectural design company Resi, pet health and wellness company PitPat, and pain relief brand Flarin.\nSheena Amin, Director of ITV AdVentures, said: \"With four new ITV AdVentures investments so far this year, we're really seeing the benefit of using the power of TV to help supercharge brands at a scale-up stage. As the fastest growing plant-based brand in the UK over the last two years, with broad retail distribution and strong product innovation, THIS is very well positioned to continue its strong growth within the plant-based meat alternatives sector. We expect consumer demand for conscious consumption to continue to grow and with a broad set of products at attractive price points, THIS is the perfect brand to help make conscious eating accessible to all. With such a distinctive brand personality, I am confident that THIS' upcoming TV campaign will stand out from the crowd and help the brand become a worthy household name.\"\nAndy Shovel, Co-founder and Co-CEO of THIS™ added: \"ITV is a media powerhouse, and to have them as an investor, especially as their first food business investment, is super exciting. Not only did we get to make the porkiest plant-bas...