Consulting

PwC advises TheVeganKind on £3.5m Series A capital raise

The PwC team included Glen Waters, Rich Abrahams, Ed Reid and Jason Cohen

The PwC Raise Ventures team has announced that it has advised TheVeganKind Limited (TVK) in securing Series A funding from Literacy Capital Plc.

PwC supported throughout the process from the preparation of key investor materials, investor relations and term sheet negotiations.

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.

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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.

PwC said 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 forwards.

The PwC team included Glen Waters, Rich Abrahams, Ed Reid and Jason Cohen.

Scott McCulloch, CEO and co-founder of TheVeganKind, said: “We are so proud to announce this monumental day in our history. In Literacy Capital we have found incredible partners and a value-aligned fund which operates with an added charitable mission.

“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.”

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.”

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