Plant-based nutrition brand Huel has closed a $24 million funding round led by private equity firm Highland Europe and featuring investment from Idris and Sabrina Elba. The round now brings the U.K.-based company’s valuation to $560 million.
According to the company, Huel reported revenue was up 40% year-over-year to around $170 million as of July 2022, with new customer acquisition, innovation and retail expansion driving growth. Founder Julian Hearn told BevNET in May that the company brought in $128 million in revenue in 2021 and has now grown to around 250 employees across the U.K., Europe and the U.S.
Founded in 2015, Huel produces a line of protein and meal replacement products, including powders, bars and RTD shakes. This spring, Huel also expanded its platform as a lifestyle brand with the launch of its Huelwear clothing line, featuring a range of products like t-shirts, joggers, hoodies and sports bras.
According to the release, Huel estimates about 50% of its sales now come from outside of the U.K. and the new funding will support continued global expansion with a focus on the U.S. – currently the brand’s second largest market – through new retail accounts and product innovation.
Highland Europe first invested in Huel in 2018 as part of a $26 million fundraise.
“We partnered with Huel when it was just three years old and predominantly an online business in the UK,” the firm said in a press release. “It has since expanded incredibly well across geographies, channels and products. We remain a committed partner and look forward to the next chapter in the journey.”
“Highland Europe have been a strong backer for our business in the last four years and we’re delighted about the extra support from Idris, Sabrina, Grace and Jonathan,” said Huel CEO James McMaster in the release. “Our investors have all expressed their belief for what we are trying to achieve at Huel – making nutritionally complete, convenient, affordable food, with minimal impact on animals and the environment.”
The addition of actor Idris Elba and his wife, model Sabrina Elba, to the cap table also gives the company greater visibility as it looks to promote its social mission of sustainability and nutrition. The company said it will work with the Elbas on their climate change initiative “Eat for 1.5 Degrees” which aims to promote healthier and more sustainable diets that, if widely adopted, align with environmental goals set by the Paris Climate Accord to limit global warming to 1.5 degrees Celsius.
“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,” Idris Elba said in the release. “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.”