Tossed, a UK-based restaurant chain focused on healthy foods, has raised £1.5 million in VC funding from Detroit-based VC firm Beringea.
Beringea, an international private equity firm headquartered in Detroit, has invested $2.27 million (£1.5 million) in UK-based restaurant chain Tossed. The funding will come from Beringea’s London office and will support Tossed’s plans for growth as the company looks to increase its presence across London.
Based in the Greater London area, Tossed offers healthy, ethically sourced food, such as tossed-to-order salads, smoothies, wraps and other freshly prepared foods, without compromising on taste. In addition, the company is focused on delivering delicious, generously portioned dishes for all palates which are also healthy and nutritionally balanced.
Investment director Karen McCormick led the deal for Beringea and will be joining the Tossed board as a non-executive director.
“We are delighted to be investing in Tossed,” said McCormick. “The company has been experiencing rapid profitable growth – a testament to the business acumen and enthusiasm of its founder and the commitment of its management team.
“Tossed’s offering has really captured a gap in the marketplace. Not only is the UK becoming an increasingly health-conscious nation, but we are also increasingly demanding higher quality, better tasting, ethically sourced food. We believe Tossed has been able to capitalize on this and we look forward to working with Vincent Mckevitt, Tossed founder and his team on the next stage of Tossed’s development.”
“We are very excited about the next stage of the Tossed journey,” said Mckevitt. “ From an idea set up fresh out of University to help Londoners be that little bit healthier, the funding from Beringea will now enable us to continue to develop the Tossed brand and to establish ourselves as the top healthy eating destination in the Capital.”
Mckevitt was picked as “The One to Watch” in the Courvoisier “The Future 500” announced in January 2008. At the awards, Mckevitt, then 28, was named as the latest shining light in the restaurant and food industry. He was then shortlisted by Growing Business magazine as one of just 30 “Young Guns” in October 2008 – the most outstanding crop of young British entrepreneurs. In June 2009, he received the coveted Acorn award from Caterer & Hotelkeeper, given to high achievers under the age of 30. He was the only entrepreneur to receive such award. In March 2010 he was one of 30 finalists in the Square Mile “30 under 30” inaugural award, from over 1,000 entrants.
Beringea is an international private equity and investment banking firm with offices in Detroit, London and Shanghai. Beringea’s funds invest in a range of small- to medium-sized companies with the potential for high growth and strong returns for investors. Beringea is the manager of funds, including the InvestMichigan! Growth Capital Fund, InvestCare Partners, Global Rights Fund II and the ProVen family of venture capital trusts. For more information, visit www.beringea.com.
Tossed is a company on a mission to prove that healthy eating can be exciting. High on taste, low in calories, foods use low GI carbs, have no added salt and no bad fats. Its flagship store at Westfield London opened in October 2008. For more information, visit www.tosseduk.com