THIS Pitch Deck Teardown: A Masterclass in Irreverent

The Pitch Deck Overview

The March 2022 investment deck for THIS is a 19-slide presentation that leans heavily into the brand's established visual identity: bold typography, high-contrast food photography, and a self-aware, irreverent tone. Unlike many food-tech decks that lead with laboratory data or environmental impact statistics, THIS leads with brand momentum and consumer adoption. The deck is structured to prove that they have already achieved product-market fit in the UK and are now seeking capital to scale that success into Europe.

Slides 1-3: The Hook and Immediate Traction

Slide 1 serves as the title page, mimicking the brand's retail packaging. It immediately establishes the 'THIS' brand name and the March 2022 date. The inclusion of nutritional callouts like '75% less saturated fat' and 'High in protein' mirrors what a consumer sees on a supermarket shelf, grounding the investment in a physical product.

Slide 2 provides a high-level summary of the company's first 2.5 years. It claims the title of 'The fastest growing plant-based food brand in the UK.' While the annualised revenue is listed as '£Xm' (redacted), the slide emphasizes the scale of distribution points and flagship foodservice chains. The use of the 'Success Kid' meme in the corner reinforces the brand's playful, internet-native persona.

Slide 3 focuses on retention. It uses Kantar checkout data to claim that their 'repeat rate is ridiculous' compared to the category average. By showing a generic 'Category' package next to a 'THIS' package, they visually represent their superiority in keeping customers. However, the actual percentages are redacted as 'X%,' leaving the investor to verify these figures during due diligence.

Slides 4-7: Mission and Product Range

Slide 4 is a table of contents that sets the narrative arc: What is THIS, achievements, differentiation, category growth, expansion plans, financials, and the 'ask.'

Slide 5 defines the product's purpose with a bold statement: making animal-based products feel like a 'massive waste of money.' This is a pivot from the usual 'save the planet' messaging, focusing instead on consumer value and product quality.

Slide 6 outlines the mission and vision. The mission is 'To force the world's livestock into retirement,' accompanied by a humorous image of a cow in a rocking chair. The vision is to lead Europe's transition to plant-based food through 'really really clever innovation and funny comms.' This explicitly identifies marketing ('funny comms') as a core pillar of their business strategy, not just an afterthought.

Slide 7 showcases the product breadth. It categorizes items into 'Ready-to-Cook' (sausages, bacon, meatballs, nuggets) and 'Ready-to-Eat' (cocktail sausages, tikka pieces). The photography is minimalist, featuring food on forks or chopsticks against a black background, emphasizing texture and realism.

Slides 8-12: Achievements and Brand Power

Slide 9 is a 'trophy case' slide titled 'We've won loads of stuff.' It displays logos from the Great Taste Awards, The Grocer Gold Awards (Start-up of the Year 2020), and PETA Vegan Food Awards. This builds third-party credibility for both taste and business execution.

Slide 10 lists foodservice partners. The sheer volume of logos—including BrewDog, Caffè Nero, and David Lloyd—suggests a highly successful B2B sales strategy that complements their retail presence.

Slide 11 uses social media as a primary growth metric. A line graph shows THIS (109k followers) steeply outclimbing established competitors like Richmond and The Vegetarian Butcher. This slide argues that THIS has captured the cultural zeitgeist in a way its competitors haven't.

Slide 12 highlights their PR strategy. They claim PR is an 'unbelievably cost-effective marketing channel.' The slide shows headlines from The Guardian, The Telegraph, and The Sun, covering stunts like 'Vegan Bacon Perfume' and swapping meat images on Wikipedia. This slide proves they know how to generate 'earned media,' reducing their reliance on expensive paid advertising.

Slides 13-16: Differentiation and Market Context

Slide 14 , titled 'More Sciencey Stuff,' addresses the R&D process. It features a photo of their innovation team but lacks specific names or credentials. The key takeaway here is their 'realism gate': no product launches unless it can trick a meat-eater. This is their primary moat.

Slide 15 provides the macro-economic justification for the business. It cites trends in the UK market, noting that the UK is the 2nd largest plant-based market globally. It also claims plant-based brands outsell supermarket own-labels 3 to 1. Most figures on this slide are redacted as 'XX%.'

Slide 16 compares the value growth of the meat market versus plant-based from 2020-2021. The visual shows a small pig on a plate (meat) versus a large sausage on a fork (plant-based), though the actual growth percentages are again redacted.

Slides 17-19: The Future and The Ask

Slide 17 sets the goals for 2024. The roadmap includes European expansion, becoming the #1 brand in UK foodservice, and hitting specific brand awareness targets. The slide includes a placeholder 'Text Text Text,' indicating this version of the deck may have been a template or in-progress draft.

Slide 18 is the 'Use of Proceeds' slide. It uses a pie chart shaped like a breakfast plate. All categories and amounts are redacted as '£Xm' and 'Text.' This is a significant omission for a teardown, as it hides the company's spending priorities (e.g., R&D vs. Marketing vs. Capex).

Slide 19 concludes with a deepfake-style image of the Queen holding a THIS deck, titled 'Thanks for reading.' This final slide cements the brand's 'funny comms' strategy, ending the pitch on a note of irreverence.

What Works in This Deck

Strong Brand Voice: The deck doesn't just talk about 'funny comms'; it embodies them. The tone is consistent from the first slide to the last, which gives investors confidence that the team understands their own brand identity. · Visual Proof of Traction: By showing actual restaurant menus and a wall of press clippings, the deck moves beyond theory. It proves that the product is already in the wild and performing well. · Focus on Retention: Highlighting the repeat purchase rate (Slide 3) is a sophisticated move. In the crowded plant-based space, trial is easy, but repeat business is the only way to build a sustainable company. · PR as a Moat: Demonstrating the ability to generate massive reach through stunts rather than just ad spend is a compelling argument for capital efficiency.

What Is Missing or Weak

Redacted Financials: The version of the deck available is heavily redacted. While this is common for public-facing versions, the lack of actual revenue, margin, and 'ask' figures makes it impossible to evaluate the business's actual health. · No Team Bios: Slide 14 shows a photo of the innovation team, but there are no bios for the founders or key executives. Investors back people as much as products, and the absence of professional backgrounds (e.g., previous exits, food industry experience) is a notable gap. · Unit Economics: There is no mention of the cost to produce these items versus the wholesale or retail price. In a manufacturing-heavy business, understanding the path to profitability is crucial. · Competitive Landscape: While Slide 11 compares social media followers, there is no traditional competitor matrix comparing price, ingredients, or nutritional profiles against giants like Beyond Meat or Impossible Foods.

Founder Takeaways

Sell the Vibe, Prove the Traction: THIS succeeds because they don't just present a food product; they present a culture. Founders should ensure their deck's design and tone match the brand they are building. · Use Third-Party Data: Citing Kantar for repeat rates and The Grocer for awards adds a layer of 'objective truth' to the founders' claims. · Visual Storytelling: The use of high-quality food photography makes the product look appetizing, which is the most basic requirement for a food startup. Never skimp on product photography. · Identify Your 'Gate': The 'realism gate' mentioned on Slide 14 is a great way to explain a company's internal quality control and competitive advantage in a single sentence.