NPIF II – Maven Equity Finance, which is managed by Maven as part of the Northern Powerhouse Investment Fund II has invested £1 million in fast-growing plant-based food business, Tiba Tempeh Ltd (“Tiba Tempeh”).
The investment will support Tiba to invest in marketing, sales and further product development, with exciting new products lined up to launch in 2025.
Mincoffs Solicitors provided legal support to Maven throughout the transaction.
Founded in 2019 by Alexandra and Ross Longton, Tiba Tempeh is a certified B-Corp that has grown rapidly in the plant-based food market, where consumers are demanding more natural and nutritious products.
Headquartered in Newcastle, Tiba Tempeh’s products are available in major UK and European supermarkets including Sainsbury’s, Morrisons, Ocado, Carrefour and Leclerc. The business is now gearing up for further UK and European expansion.
As consumers continue to move away from ultra-processed foods and with many people now either avoiding or reducing their meat consumption, tempeh is now one of the fastest growing meat-free segments on the market.
The business offers a range of innovative tempeh products including an Original Block, Plant-Based Mince, and a range of Marinated 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 UK 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.”
Chris Hughes, corporate partner at Mincoffs, said: “Tiba Tempeh’s brand has huge potential to scale in the plant-based industry, at a time when more and more consumers are turning away from ultra-processed products.
“We were delighted to support Maven on the Fund’s investment into the business and we look forward to working closely with the team on future transactions.”
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.
