Honestly Tasty

Idea

Introduction

We’re Honestly Tasty, and we make plant-based cheese for people that love cheese, but don’t eat (or are cutting down on) dairy. We bring together fresh thinking with traditional cheese-making techniques, making alternatives that'll get people talking - only this time, for the right reasons!

Back in 2018, our founder Mike gave Veganuary a go - a good go, because it stuck! Woefully disappointed by the vegan cheese on offer, he set about proving that seriously good plant-based cheese is possible. And by combining innovative methods with age-old traditions, through pasteurisation, culturing, rind washing and maturing - we think we've done just that.
Our cheeses have been recommended by reviewers at the likes of BBC, The Evening Standard, The Independent, & Huffington Post:

We've featured in articles by the likes of The Grocer and Vegconomist, and won numerous awards.

And whilst it sounds cheesy, we're chuffed to bits every time we see the recognition! With a growing archive of flattering 5 star reviews, knowing that we make a difference really matters.

Substantial accomplishments to date

• We’re backed by an ex-cheese wholesaler, plant-based VC fund Veg Cap (started by Veganuary’s Matthew Glover) and AllPlants founders

• Our recent awards include 3 Great Taste Awards, The Global Cheese Awards 2023 and PETA’s ‘Best Vegan Cheese’

• You can find us on menus, from pizzerias and pubs to Michelin star restaurants

• Our SALSA accredited production facilities and state of the art machinery support current operations

• Our Award winning (re)brand design gives us better shelf-presence and enabled our entry into M&S

Retail Success (last 12 months)

• November 2022: Trialled across 50 Holland & Barrett stores

• February 2023: Launched 3 products into Ocado

• April 2023: Launched into 166 M&S stores nationwide

• September 2023: Launched ‘own label’ range across 650 Holland & Barrett stores

• October 2023: Increased Ocado range with 4th listing

These listings mean that unit production has grown by more than 5x allowing us to achieve economies of scale and reduce prices, leading to an increase in revenues of 2.5x across the same periods (July - Sept '22 Vs July - Sept '23).

Monetisation strategy

Our core business is the development, production and sale of plant-based cheese.

Market Opportunity:

In 2023, the global vegan cheese market will be valued at $1.4 billion and is expected to grow at a compound annual growth rate of 16.7% to 2030. In the UK, 7% of households buy vegan cheese. The demand is being driven by a combination of health, ethical, environmental and taste-related factors and as consumer awareness continues to grow and the quality of vegan cheese improves, it's likely that this trend will persist and even accelerate in the coming years.

• Right now, we’re the only truly artisan vegan cheese available through multiple national retailers

• Wholesalers and national accounts currently make up more than 50% of revenue

• We want to nurture our national retail accounts, grow our food services offering, and expand our presence in independent shops through wholesalers

• Expansion into Food Services is already underway, with our cheeses served at Wimbledon, Silverstone and the NFL earlier this year

Use of proceeds

We plan to use the funds from this round to invest in the following activities:

1. R&D (50%) - investigating improvements to the veining process of our blue cheese, as well as shelf life extensions (through which we aim to enable more wholesaler relationships).

2. Working Capital (20%) - as we have growth in units sold over the last 6 months

3. Equipment & Machinery (20%) - including a metal detection, a new van, and upgrades to our chiller units which drive efficiency savings, and increase food safety

4. Expansion planning 2024 (10%) - enabling us to increase our capacity, capability and to consolidate our premises onto one site

Extra funds would help us accelerate expansion planning and hopefully see us move to larger premises sooner, as well as enabling us to broaden our team.

A portion of the investment reflected in this campaign was received by the Company in the 6 months prior to the launch of the investment round on Seedrs and the Company has started putting this to use.