finance

Scottish vegan food site raises £3.5 million



TheVeganKind (TVK) has secured £3.5m in Series A funding from investment firm Literacy Capital.

Husband and wife co-founders, Scott and Karris McCulloch, launched the subscription delivery box service in 2013 after having trouble finding vegan options on the high street.

An online vegan supermarket followed in 2016, with their two websites now averaging 350,000 visits per month.

Having started out in their two-bedroom flat, Glasgow-based TVK moved to a new 35,000 sq. ft. warehouse in October 2020 – enabling it to offer almost 6,000 plant-based products, all available for next day delivery, seven days a week.

As part of the new investment, additional retail and consumer experience will be added to the business in the short term, in order to help the existing team.

Chief executive Scott McCulloch said: “In Literacy Capital we have found incredible partners and a value-aligned fund which operates with an added charitable mission.”

Richard Pindar, chief investment officer of Literacy Capital, said: “The tailwinds in the sector, as well as the health, welfare and environmental benefits that TVK is providing are really encouraging.

“We look forward to assisting the team and helping them to expand TVK even further.”

PwC advised on the deal, with Glen Waters, head of PwC Raise | Ventures, stating: “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.”

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