Plant-based vegan street food start-up SpiceBox raises £450,000

SpiceBox, a vegan street food business, has raised £450,000 with 2enable Partners leading the funding round.

Founded by entrepreneur Grace Regan in her kitchen back in 2016, SpiceBox sells plant-based and nutritionally balanced Indian food and has recently taken up a stall at KERB Camden.

Aiming to become “one of London’s top street food outlets”, SpiceBox has already been listed in Time Out London’s top ten street food list and was highlighted by the Guardian as a must follow vegan Instagram account

Now 18 months on since launch, the start-up will use the fresh funds to launch a permanent site as well as offer a takeaway and delivery service.

Prior to starting her street food business, Regan was co-founder of audio news app Clippet.

Launching the business in 2012 alongside James Macleod , the grandson of Rupert Murdoch, the start-up had over 13 employees, including six journalists, who researched, compiled and presented daily news stories via 60 second audio clips.

After three years at Clippet, Regan left to join a Silicon Valley accelerator program – where she “became more aware of the true extent of animal cruelty that existed within the meat industry.”

Realising that an opportunity had presented itself, Regan decided to pursue her one true passion, food.

Operating within the growing vegan and vegetarian market, Tesco recently reported that demand for vegetarian and vegan ready meals and snacks soared 40% in 2016 – prompting them to introduce new labelling to flag up all their vegan products.

Furthermore, Mintel’s Meat-Free Foods UK Market Report, released last August, revealed that over a quarter (28%) of meat eating Brits have reduced or limited their meat consumption in just the last six months.

Other investors included a small group of industry experts, entrepreneurs and an impact investment fund – with the deal marking 2enable Partners’ first plant-based investment.

The US-based partnership focus their investments on start-ups with a positive social and environmental impact, and were the first investors in Just Giving.

Regan said:

“After 18 months of hard graft, cooking and selling SpiceBoxes from my home as well as the streets and fields of the UK, I’m very excited to embark on the next phase of SpiceBox.

“It’s fantastic to be part of a thriving community of plant-based entrepreneurs in London and the backing we’ve received pays testament to the fact that London is fast becoming the plant-based capital of Europe.

“Gone are the days of veganism being associated with falafel-eating hippies; the exponential growth of this movement isn’t a fad, it’s a key part in building a sustainable future where the planet and it’s population can thrive.

“The funds will be used to launch our first permanent site, roll out takeaway and delivery, develop our menu and grow our team. Our aim is to build a plant-based food brand with mass-market penetration and we can’t wait!”

Sandor Hatvany, executive partner of 2enable Partners, said:

“We love that SpiceBox is part of a new wave of companies with sustainability at its core that doesn’t compromise quality. It’s at the heart of a growing movement for plant-based products that supersede what’s already out there.

“People positively change their eating habits to benefit them and the planet, and no one’s preaching.

But mostly we’re in because of who Grace is a firebrand entrepreneur who lives and breathes this mission. This is reflected in a brand that sings vibrancy, passion and colour. People want to be part of it. She’s also pulled together a great team that have a lot of fun. That’s contagious. Let the good times roll….”