Where plant-based food firm Planthood is now after their Dragons’ Den pitch Fri 24 February 2023 10:06 Celine Byford
Daniel Foster Planthood on Dragons’ Den is a plant-based food meal kit service that customers can have delivered straight to their door. They had a successful pitch on the BBC entrepreneurial show, in front of dragons such as Steven Bartlett.
Entrepreneurs Hilary Kennedy and Will Moxham pitched their plant-based business on the February 23 Dragons’ Den episode. Customers can get three to five plant-based meal kits delivered on a weekly, fortnightly, or monthly basis.
The Planthood business owners first fell in love with plant-based food while living in Vancouver in 2018. The vegan movement on the West Coast was completely kicking off, and that’s how their business was born.
Meet Planthood founders
Planthood was founded by engaged couple Hilary Kennedy and Will Moxham. With plans to show the Dragons a “new way of eating,” they asked for £75,000 for a 2.5% stake in their vegan business.
When the founders moved home to the UK, they found that the majority of vegan options just didn’t stack up. They felt they were either bland and boring, or vegan versions of junk food that used unhealthy, processed ingredients.
A valuation of £2.9 million had Touker Suleyman say they “must be doing amazing.” Year one saw Planthood make £70,000 in revenue with a net loss of 15,000, and year two saw them make £360,000, with a net loss of £120,000.
Will said they can charge a premium because the subscription box arrives partly prepared, versus a recipe box. Touker wasn’t convinced, and Peter Jones also challenged them on the “huge amount of annoyance” with packaging.
I'm going to subscribe to #Planthood and give it a go 👍#DragonsDen
— MaisyMooCow 💙 (@MaisyMooCow) February 23, 2023
Plant-based food service on Dragons’ Den
Planthood meals aim to be made in 15 minutes or less. The meals arrive at your door refrigerated in a 100% recyclable box and have a constantly rotating weekly menu of delicious plant-based meals, including gluten-free options.
Customers can skip or cancel anytime with no ongoing commitment. Each meal kit is filled with vegetables, legumes, whole grains, nuts, and seeds, and prices start from £45 for three meals for two people.
With a new menu to choose from every week, meals include the likes of miso bowls, Vietnamese Pho, cauliflower and aubergine korma, gnocchi, shakshuka, mushroom birria tacos, and more.
Where Planthood is now
Planthood’s February meals for the 27th of the month were sold out after their Dragons’ Den pitch. The business also offered an online discount following its BBC debut, for anyone who became interested in the brand.
They now have an investment from Steven Bartlett, who made an offer with the belief that the plant-based business could bloom. He offered 7.5% of the company, three times the original offer made by Hilary and Will.
The Planthood entrepreneurs asked to get the percentage down, but Steven was adamant that his offer is fair. Hilary and Will then proceeded to accept his offer, two weeks before the couple got married!
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