Huel Acquisition, Valuation, Funding & Investors

Huel was acquired by Danone for $1.2B in March 2026, a 4.1x multiple on $287M of revenue.

See full Huel profile

Huel acquisition price

$1.2B

Acquired by Danone · Mar 2026

Huel revenue at acquisition

$287M

Last twelve months · Mar 2026

Huel revenue multiple at acquisition

4.1x

EV/Revenue · Mar 2026

Huel EBITDA multiple at acquisition

48.8x

EV/EBITDA · Mar 2026

Huel Overview

About Huel

Huel manufactures vegan, nutritionally complete foods including powdered meal replacements in seven variants, ready-to-drink shakes in three flavors, granola, and protein bars. Formulated with oats, pea protein, brown rice protein, flaxseed, and a vitamin-mineral blend, products provide full daily values of 27 essentials, high protein and fiber content, and low glycemic index from sustainable sources.


Founded

2014

HQ

United KingdomTring

Website

huel.com

Status

Acquired

Customer focus

B2C

Revenue model

Product sales, Subscription

Revenue

$170M (Dec 2022)

Valuation

$558M (Dec 2022)

Huel Acquisition

Huel was acquired by Danone for $1.2B on 22 March 2026.

The acquisition price implies a 4.1x revenue and 48.8x EBITDA multiple on $287M of revenue.

Before the acquisition Huel had raised $132M across 3 funding rounds.

Huel acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
22 Mar 2026Strategic M&A$1.2B4.1x48.8x

Huel Valuation

Huel is currently valued at $558M, based on its Series B in December 2022.

The $24M round was led by Highland Europe, with participation from Jonathan Stephen Ross, Idris Elba, Sabrina Elba and Grace Beverley.

Huel's valuation has grown 2.1x from $260M at its Series A in October 2018 to $558M in December 2022, across 2 priced rounds.

Huel valuation by funding round

Revenue multiple
Huel valuation by funding round
DateStageValuationRevenue Multiple
Dec 2022Series B$558M3.3x
Oct 2018Series A$260M4.9x

Huel Revenue

Huel's latest recorded revenue is $170M, as of its Series B in December 2022. At a $558M valuation, that implies a 3.3x revenue multiple.

Revenue grew from $53M in October 2018 to $170M in December 2022, while the revenue multiple moved from 4.9x to 3.3x.

Huel revenue by funding round

Huel revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Dec 2022$170M$558M3.3xSeries B
Oct 2018$53M$260M4.9xSeries A

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Huel Funding History

Huel has raised a total of $132M across 3 funding rounds.

Huel's first fundraising round was a $26M Series A in October 2018. The most recent completed round was a $83M undisclosed-stage round in October 2023.

Huel funding rounds

Huel funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2023Undisclosed stageMorgan Stanley Investment Management (lead)$83M-Huel is a UK-based sustainable nutrition company founded in 2015, offering plant-based, nutritionally complete powdered shakes, instant meals, and other convenient foods with a focus on minimal environmental and ethical impact. The company positions itself as a high-growth brand in the sustainable nutrition sector, emphasizing a significantly lower carbon footprint than average meals, strong B Corp certification, and commitments to net zero operations, including a planned net zero manufacturing facility in Milton Keynes, UK. On October 31, 2023, Huel received an investment from Morgan Stanley Investment Management’s 1GT climate private equity strategy, reported as £82.5m ($100m+ equivalent), marking the fund's second investment after Everstream Analytics. This climate-focused partnership aims to support Huel’s global expansion, particularly in the United States, while enhancing sustainability initiatives through Morgan Stanley's expertise. A prior December 2022 growth round valued Huel at approximately £440M ($560M). At the time of the announcement, Huel reported FY22 revenue over £144m ($175m), up 41% from 2021, with active customers growing 22% to over 900k and cumulative sales exceeding 300m meals worldwide. The company highlighted resilient margins and strong cash generation alongside its growth. Morgan Stanley's 1GT fund, launched in 2022 with an initial $500m close and later $750m total, targets climate solutions companies to eliminate 1 gigaton of CO2 by 2050. Huel was selected for its alignment with these goals, demonstrating impressive revenue growth and sustainability leadership in the nutritionally complete food space.
Dec 2022Series BHighland Europe (lead); Jonathan Stephen Ross; Idris Elba; Sabrina Elba; Grace Beverley$24M$558MHuel is a UK-based plant-based nutrition company founded in 2015 that manufactures vegan, lactose-free, and soya-free meal replacement shakes, bars, and supplements containing protein, carbs, fiber, essential fats, and phytonutrients. The company positions its products as nutritionally complete, convenient, affordable food with minimal environmental impact. On December 1, 2022, Huel closed a $24 million Series B funding round led by Highland Europe, with notable celebrity and business investors including actor and UN Goodwill Ambassador Idris Elba, his wife Sabrina Dhowre Elba, British television host Jonathan Ross, and Grace Beverley, CEO of sustainable activewear brand TALA. The funding valued the company at $560 million, significantly higher than its previous $260 million valuation in 2018. Proceeds were allocated to product innovation, retail expansion, and international growth with particular emphasis on the US market, which had become the company's second-largest market since the brand's 2017 US launch. For the fiscal year ending July 31, 2022, Huel reported revenue of $170 million, representing a 40% year-over-year increase driven by strong new customer acquisition, new product launches, and retail store expansion. Since its founding in 2015, the company had sold over 270 million meals globally, with 50% of sales occurring outside the UK. The company's CEO James McMaster stated the investment would support the brand's mission to make nutritionally complete, convenient, affordable food with minimal environmental impact. The investment also formalized Idris and Sabrina Elba's involvement in the company's sustainability initiatives, including support for low-carbon diets and agricultural development in Sierra Leone. The funding round reflected growing consumer demand for convenient, high-nutrition meal solutions and changing market perception of plant-based meal replacement products, positioning Huel as a significant player in the functional nutrition sector.
Oct 2018Series AHighland Europe (lead)$26M$260MHuel is a UK-based nutritionally complete powdered food company founded in 2012 that provides convenient, affordable meal replacements. The company offers a range of products including protein powder, energy bars, and granola that are designed to be nutritionally complete, with minimal environmental and animal impact. Huel had achieved profitability since inception and was operating in 80 countries by 2018, with early traction demonstrated by having sold over 25 million meals globally. In October 2018, Huel closed its first external funding round of £20 million ($26 million USD) led by growth equity investor Highland Europe, valuing the company at $260 million. This funding marked a major inflection point for the previously bootstrapped company, which had achieved rapid revenue growth from £1 million in year one to £5 million in year two and £14 million in year three, with CEO James McMaster projecting over £40 million ($60+ million USD) in annual turnover for the fourth year of operations. The capital was earmarked to accelerate international expansion, particularly into the US market which had launched the prior year and was performing well, alongside new product innovation and continued geographic penetration across Europe. Huel employed 65 people across offices in London, Los Angeles, and Berlin at the time of the funding, positioning itself as a competitor to US-based meal replacement companies like Soylent while building toward a global consumer brand.

Who has invested in Huel?

6 investors have backed Huel across its funding rounds, including Highland Europe, Morgan Stanley Investment Management, Grace Beverley, Idris Elba, Jonathan Stephen Ross and Sabrina Elba.

Lead investors include Morgan Stanley Investment Management and Highland Europe.


Huel Investors

Investors in Huel by funding rounds participated
InvestorHQRoundsRoleFirst check
Highland EuropeUnited KingdomLondon2LeadOct 2018
Jonathan Stephen RossUnited KingdomLondon1ParticipantDec 2022
Idris ElbaUnited KingdomLondon1ParticipantDec 2022
Morgan Stanley Investment ManagementUnited StatesNew York City, NY1LeadOct 2023

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Huel Competitors

Huel competitors include listed companies like Lassonde, Mezzan Holding, Betagro and Aryzta, and private ones like CJ America and Prosur.

Public and private companies comparable to Huel
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
LassondeCanadaCanadaPublicly listed$2.1B$246M$1.2B0.8x
Mezzan HoldingKuwaitKuwaitPublicly listed$966M$114M$1.2B1.5x
BetagroThailandThailandPublicly listed$3.7B$417M$1.2B0.5x
CJ AmericaUnited StatesLos Angeles, CAPrivate--$1.2B-
ProsurSpainMurciaPrivate--$1.2B-
AryztaSwitzerlandSwitzerlandPublicly listed$2.6B$353M$1.2B0.8x

Huel Public Comps

Huel is no longer listed, but its public comps include Lassonde, Mezzan Holding, Betagro, Aryzta, Grupo Kuo, Herbalife, Fever-Tree, Kri-Kri Milk Industry, Dole and Italmobiliare.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Lassonde$2.1B$246M0.7x0.8x6.4x6.1x
Mezzan Holding$966M$114M1.5x1.5x13.1x9.7x
Betagro$3.7B$417M0.5x0.5x4.5x5.0x
Aryzta$2.6B$353M0.8x0.8x5.8x5.7x
Grupo Kuo$2B$226M0.7x0.5x6.7x4.5x
Herbalife$5B$602M0.6x0.6x5.1x4.6x
Fever-Tree$436M$43M2.6x2.2x26.9x18.0x
Kri-Kri Milk Industry$379M$56M3.2x2.7x21.9x16.8x

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Common questions about Huel

When was Huel founded?Huel was founded in 2014.
Where is Huel headquartered?Huel is headquartered in Tring, United Kingdom.
Is Huel publicly listed?No, Huel was acquired by Danone in March 2026.
Who acquired Huel?Huel was acquired by Danone in March 2026.
How much was Huel acquired for?Huel was acquired for $1.2B in March 2026, a 4.1x revenue multiple.
What is Huel's valuation?Huel was last valued at $558M in its Series B in December 2022.
How much funding has Huel raised?Huel has raised $132M across 3 funding rounds.
What was Huel's last funding round?Huel's last funding round was a $83M undisclosed-stage round in October 2023, led by Morgan Stanley Investment Management.
Who are Huel's investors?Huel's investors include Highland Europe, Jonathan Stephen Ross, Idris Elba, Morgan Stanley Investment Management, Sabrina Elba and Grace Beverley.
What is Huel's revenue?Huel's latest recorded revenue is $170M (December 2022).
What is Huel's revenue multiple?Huel's latest valuation implies a 3.3x revenue multiple ($558M valuation on $170M of revenue).
Which companies are comparable to Huel?Companies comparable to Huel include Lassonde, Mezzan Holding, Betagro, CJ America, Prosur and Aryzta.

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