Husband and wife co-founders Scott and Karris McCulloch launched TheVeganKind subscription delivery box service in 2013 after identifying challenges associated with finding vegan options on the high street. An online vegan supermarket followed in 2016, with TheVeganKind.com now averaging 200,000 visits per month.
TVK’s mission is “to make a vegan lifestyle accessible to all, providing world class customer service and offering the widest range of products to show how simple it is to live life vegan”.
Having started out in their two-bedroom flat, Glasgow-based TVK moved to their new 35,000 sq. ft. warehouse in October 2020 enabling them to offer almost 6,000 plant-based products, all available for next day delivery, seven days a week.
As part of the £3.5m investment led by Literacy Capital Plc, additional retail and consumer experience will be added to the business in the short term to help the existing team take the business forward.
Scott and Karris McCulloch said: "We are so excited to now finally announce the conclusion of this investment round, signalling the start of a new chapter for Team TVK. While we have moved mountains in the last 7 years, helping take veganism mainstream, this raise will allow us to ramp up considerably, investing in our people, inventory, infrastructure, marketing and more. At TheVeganKind we all know that the world needs more people to go vegan or plant based, and we want to show them just how easy it can be. We have lots of exciting developments in the works such as TVK Health, and hundreds of new brands and products waiting to be listed. We have much to do, and we cannot wait to get to work. Thank you so much to everyone who has supported us over the years"
Literacy Capital is a closed-end investment company focused on investing in and supporting small, growing UK businesses helping their management teams to achieve long-term success. It is the only investment fund of this type with a charitable objective.
Scott McCulloch, said: “In Literacy Capital we have found incredible partners and a value-aligned fund which operates with an added charitable mission."
The fund is committed to an annual donation equating to 0.9% of the Company’s net assets to advance the education of children in the UK, in particular by promoting or supporting the development of literacy. More than £1.9m was donated by the end of 2020.
Richard Pindar, CIO of Literacy Capital, said: “We are really pleased and excited to have the opportunity to work with Scott, Karris and the rest of the TVK team. The tailwinds in the sector, as well as the health, welfare and environmental benefits that TVK is providing are really encouraging. The aims and objectives of the founders resonate really well with our own charitable and business objectives. We look forward to assisting the team and helping them to expand TVK even further”.
The raise was supported throughout the process by PwC. PwC Raise | Ventures supports fast-growing, early-stage companies looking to raise investment to fund their growth.
Glen Waters, Head of PwC Raise | Ventures, said: “It has been a pleasure to work with TheVeganKind led by Scott and Karris on this deal. 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. We look forward to watching them scale and view Literacy Capital as a fantastic and experienced growth partner to help them achieve their ambitions”.
Scott McCulloch added: "Thank you so much to the team at PwC for helping facilitate this deal and guiding us through the process. Their support and expertise has been invaluable, along with that of our FD Kate Inshaw who has been an exceptional asset to TheVeganKind since joining, particularly during this fundraise.”