London, United Kingdom, December 1st 2022 – Huel has closed a $24 million funding round led by Highland Europe, welcoming SAG-winning actor, musician, filmmaker and philanthropist and UN Goodwill Ambassador Idris Elba OBE to the team, alongside a star-studded line-up of new investors.
Idris and his wife, Sabrina Dhowre Elba, also a UN Goodwill Ambassador, are joined in the latest round by award-winning TV presenter, Jonathan Ross and sustainable activewear brand TALA’s CEO, Grace Beverley.
The latest round bolsters another strong year for the plant-based food brand. Revenue for the year to the end of July 2022 was $170m, a 40% year-on-year rise. Growth was driven by new customer acquisition, product launches and expansion into retail stores.
The brand has sold over 270 million meals worldwide since its inception in 2015, with 50% of sales now outside the UK, building an army of loyal ‘Hueligans’ across the globe.
The funding round values the company at $560m, just seven years after the brand was first launched. The latest valuation builds on the $260m valuation secured in 2018 at the company’s previous funding round.
The new funding will be deployed to support global expansion, with a particular focus on the US. Since its market launch in 2017, the US has become the brand’s second-biggest market.
The investment will also support new product innovation, and continued expansion into retail stores in addition to the core online channel.
The investment will also fuel Huel’s mission to make a difference in the world. Idris and Sabrina Elba will partner with Huel to bolster the brand’s existing commitment to tackling poor nutrition and sustainable farming. Paired with this mission, Idris and Sabrina are working with Huel on their climate change initiative – eat for 1.5 degrees. Huel meals fit within a diet aligned with limiting global warming to 1.5 degrees, and Huel believes that raising awareness of our diets is one of the simplest and most effective actions people can take to tackle climate change. Huel will work with Idris and Sabrina to inspire and motivate people to raise awareness of the benefits of changing diets and supporting the environment, which is a vital component of food sustainability.