Plant-based food brand, Huel, has closed a $24 million funding round led by Highland Europe, as it looks to expand globally.

As well as supporting the brand’s growth internationally, with a particular focus on its second-biggest market, the US, the funding will go towards new product innovation and continued expansion into retail stores.

Huel’s CEO, James McMaster, said: “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. We are trying to change the way the world thinks about food and Huel offers a solution to help people make easy changes to their food choices.”

A spokesperson for Highland Europe added: “We partnered with Huel when it was just three years old and predominantly an online business in the UK. 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.”

The funding round values the brand at $560 million, seven years after its launch.

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