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PwC Raise | Ventures advises TheVeganKind on its £3.5m Series A capital raise

The PwC Raise | Ventures team is pleased to announce that it has advised TheVeganKind Limited (“TVK”) in securing Series A funding from Literacy Capital Plc. PwC supported throughout the process from the preparation of key investor materials, investor relations and term sheet negotiations. 

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.

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. 

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.

The PwC team advising on the deal was Glen Waters, Rich Abrahams, Ed Reid and Jason Cohen.

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, said:

“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, said:

“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”.

Ends

 

Notes to editors

 

About TheVeganKind

Established in 2013, TVK is the UK’s leading online plant based supermarket and subscription box service, with the widest range of vegan products, largest social media following and more traffic than any other vegan only retailer.

 

About Literacy Capital

Literacy Capital is a closed-end investment company based in London, focused on investing in and supporting small, growing UK businesses and helping their management teams to achieve long-term success. The fund has a unique charitable objective as it has pledged to give away 0.9% of net assets every year in cash to support its charitable mission. More than £1.9m was donated by the end of 2020.

 

About PwC Raise | Ventures

PwC Raise | Ventures supports fast-growing, early-stage companies looking to raise between £1m - £30m to fund their growth. We provide expertise throughout a company's investment journey and offer the speed and focus of a boutique, with the unrivalled access of PwC's global network, seeking to build a long-term partnership with you for your fundraise and beyond. 

Additionally, we work closely with a number of investors to help bring them quality deal flow, pre-packaged and ready for investment based on their criteria. For more information on how we can help you, please get in touch here.

 

 

“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”.

Jason Cohen, Manager and PwC Raise | Ventures lead for Scotland

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