A fast growing plant-based superfoods company is set for further expansion in the Ƶ and overseas after sealing a £1m investment.
Alexandra and Ross Longton first launched Tiba Tempeh after discovering the superfood – which is made with three ingredients of soya beans, live culture and water – at a beachside restaurant on the Gili Islands in Indonesia. After learning how tempeh is packed with protein, fibre, vitamins and minerals they travelled to Java where tempeh was invented centuries ago, to learn how to make it under the instruction of a world-renowned tempeh master.
Now, Tiba Tempeh’s range of innovative meat-free products are already on sale in major supermarkets including Sainsbury’s, Morrisons, Ocado, Carrefour and Leclerc, with demand growing. Tempeh is now one of the fastest growing meat-free segments on the market, driven by more consumers moving away from ultra-processed foods and by those who are avoiding or reducing meat consumption.
Now certified B-Corp Tiba Tempeh has secured a £1m investment from NPIF II - Maven Equity Finance, which is managed by Maven as part of the Northern Powerhouse Investment Fund II, to support Tiba to invest in marketing, sales and further product development, with new products lined up to launch this year.
The business offers a range of innovative tempeh products including an original block, plant-based mince, and a range of marinaded pieces that provide a meat-free solution for everyday meals. Unlike most meat alternatives, Tiba Tempeh is made from 100% natural and organic ingredients and is high in protein and fibre, gut-friendly, one of your five a day, vegan and gluten-free.
Alex Longton, CEO and founder at Tiba Tempeh said: “Maven will add significant value to further scale our business and help us on our mission to create a healthier world by inspiring people to eat more naturally healthy and sustainable plant-based foods.”
Rebecca MacDermid, investment manager at Maven, said: “Tiba Tempeh is an exciting brand, in a growing market where there is increasing demand for less processed, healthier meat free alternatives, with a focus on higher nutritional and protein content, which Tiba products provide. Alex and Ross are a fantastic team and bring a wealth of experience coupled with their passion for healthy, sustainable food alternatives will allow the business to experience continued success. We are pleased to support the next stage of their growth as they scale operations and expand their market presence across the Ƶ and Europe.”
Sarah Newbould, senior investment manager at British Business Bank said: “Access to healthier food options is a fast-growing market, and we are excited to see how this equity investment will give Tiba Tempeh the capabilities to launch its new products, with further expansion nationwide and into Europe. The Northern Powerhouse Investment Fund II provides important funding to support businesses like Tiba Tempeh with their growth plans.”
The £660m Northern Powerhouse Investment Fund II covers the entire North and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for Northern smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance
