Plant-based food business, Tiba Tempeh has secured a £1 million equity investment from the British Business Bank’s Northern Powerhouse Investment Fund II through NPIF II Maven Equity Finance.
The investment will support Tiba to invest in marketing, sales and further product development, with new products lined up to launch in 2025.
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 tempeh products including an Original Block, Plant-Based Mince, and a range of Marinaded Pieces that provide a meat-free solution for everyday meals.
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.”