UK-based Huel (Human + Fuel), a company that provides nutritionally-complete food products, announced on Thursday that it has raised $24M (approximately €22.96M) in a new round of funding at a valuation of $560M (approximately €535.83M).
The investment was led by existing investor Highland Europe. The round also saw participation from actor and UN Goodwill Ambassador Idris Elba and his wife Sabrina Dhowre Elba, also a UN Goodwill Ambassador, award-winning TV presenter Jonathan Ross, and TALA’s CEO Grace Beverley.
In a statement, Idris Elba told Tech Crunch, “I’ve been a Hueligan for several years now, starting my journey while preparing for my role in ‘Thor’. So to come on board with Huel was an easy decision. I believe in their mission to deliver nutritionally complete food, sustainably. We have some exciting projects coming up and I look forward to spreading the message and raising awareness around healthy, low-carbon food.”
Capital utilisation
Huel says it will use the funds to continue its international expansion with a focus on the US. The money will also support the company’s new product innovation and continued expansion online and in retail stores.
James McMaster, CEO of Huel, told TC, “We’re at the stage where having this second round of funding allows us to keep focusing on that growth. We are going to keep innovating with new products, and are really proud of where we’re heading. We’re now the business that we hope can be a truly global brand.”
“Huel is – simply – Human Fuel”
Founded in 2015 by Julian Hearn and James Collier and led by CEO James McMaster, Huel provides nutritionally-complete food products. The company claims that each of its products provides all 26 essential vitamins and minerals, protein, essential fats, carbs, fibre, and phytonutrients.
The company says, “Each Huel product in our rapidly-growing range has low GI and very low sugar content, with no added sugar, genetically modified ingredients, soy, eggs, dairy meat, and animal products at all. They can all be prepared in just a few minutes (or less!) and contain 100 per cent of the vitamins and minerals your body needs to thrive, allowing people to gain or lose weight, eat healthier, and save time, all in the knowledge that what they’re eating is sustainable and healthy.”
Since its inception, the company has grown to 250 people, including a small office in New York. As reported by Tech EU, more than 270 million meals have been sold globally, with 50 per cent of sales currently occurring outside the UK. Huel’s revenue for the year ended July 2022 was $170M, representing a 40 per cent year-over-year increase.
