Thanks Plants secures €400,000 investment from Redesdale – The Irish Times
Food company Thanks Plants has secured a €400,000 investment from venture capital firm Redesdale.
Thanks Plants makes frankfurters, sausages and veggie roasts that sell in SuperValu, Tesco and many independent stores, and aims to cash in on growing consumer demand for “alternatives” to meat.
Redesdale Food Fund confirmed on Sunday that it has invested in the business. Neither side has revealed the figure, but it is believed to be around €400,000.
Aisling Cullen founded Thanks Plants in 2020 and the company now sells its products in 170 stores. She plans to expand the business nationwide within the next year. He is based at the Spade Enterprise Center in Dublin.
Rose Hynes will join the Thanks Plants Board of Directors as Chair. Ms. Hynes sits on several boards of directors. She chairs the Irish Aviation Authority and Origin Enterprises while she is director of fresh fruit giant Dole. Jacqui Marsh, one of the founders of Butler’s Pantry, is also a member of the board.
Michael Cantwell, a Redesdale partner, said the company is delighted to support Thanks Plants’ ambitious growth plans. “Under Aisling’s leadership, the company had already established a strong footing in the Irish market and a plan for future expansion,” he said.
Ms Cullen noted that Redesdale had shared her plans to start an international business. “Demand for meat alternatives is growing rapidly with a compound annual growth rate of 7.3% in the UK,” she noted.
The Redesdale Food and Beverage Fund is a €75 million venture capital firm set up by a group of financiers, businessmen and business scientists.
It recently closed a fundraising of 27 million euros. Redesdale funders include Enterprise Ireland, Musgrave, Coca-Cola, Monaghan Mushrooms, Lord Abbett and Tate & Lyle.