UK’s plant-based meat alternatives maker Meatless Farm has raised $31m in a new funding round to support global expansion.

The brand will use the capital to expand its presence in existing and new markets in the UK, Europe, Asia and the US.

The investment round saw the participation of new and existing investors and was managed by Meatless Farm director Leopoldo Zambeletti.

Zambeletti was quoted by media sources as saying: “This funding round gives Meatless Farm the ability to take advantage of the consumers’ desire to change lifestyles as people aim to ‘build back better’ in the wake of Covid-19.

“Fundraising during the lockdown brought its own unique challenges, but the strength of the brand, the sustainable mission, the excellent management team and proven execution to date resonated well with existing and new investors alike.”

In addition to global expansion, the alternative meat brand will also focus on building its product portfolio and enhancing production operations in Canada.

In the previous funding round, the company is said to have raised $17m.

Meatless Farm founder Morten Toft Bech said: “We are seeing strong demand for our plant-based burgers, sausages and mince across all markets and see fantastic opportunities to grow the Meatless Farm brand rapidly as people look to eat more healthily and sustainably post-Covid-19.

“Our ambition is to continue to expand our global operations organically whilst also looking to participate in M&A activities around the consolidation of smaller plant-based companies.”

In 2018, the company introduced its first product line. Its range is currently available in major supermarkets in the UK, Whole Foods shops in the US and other nations.