Plant-based Huel Sees Green as it Closes $24M Celeb-backed Investment Round

The nutritionally-complete plant-based meal replacement company plans to use the funding to further its expansion in the US

Huel, a plant-based meal replacement startup, has raised $24 million in funding. The real-food “no-prep” meal brand is now valued at $560 million.

Highland Europe led the funding round, which included actor Idris Elba and his wife, actress Sabrina Dhowre Elba, as well as Jonathan Ross, TV host, and Grace Beverley, CEO of TALA, an activewear brand.

Huel plans to use the new funds to continue innovating and expanding in the United States.

The UK-based nutritional brand, which sells shakes and energy bars, focuses on health by providing the essential 27 vitamins and minerals needed with whole food ingredients. Huel has since expanded its menu to include warm and savory meals, and last year, it introduced Mac and Cheeze pasta.

With its all-vegan menu, the health food brand has been banking on consumers pivoting towards a more health-conscious and eco-friendly lifestyle and prides itself on affordability and preventing food waste.

Huel’s CEO, James McMaster, announced the new funding round on LinkedIn, noting that the meal replacement company’s revenue increased to $170 million in its 21/22 financial year.

McMaster recently told Cheddar News that new investor Elba had been using Huel for a couple of years after his nutritionist recommended it to him while preparing for his role in “Thor.”

According to McMaster, collaborating with Elba and his wife was a “no-brainer” because the celebrity couple, who are UN ambassadors, share similar values regarding climate change and sustainable farming.

The actor took to Instagram to share the news of his recent backing, posting, “Myself and @sabrinaelba are excited to have joined the journey of @huel. We’re committed to delivering a climate change initiative and sustainable nutrition that will help leave the world in a better place.”