More Than Angels

Gousto is a weekly food subscription service which makes it easy for customers to cook healthy and well-balanced meals at home. Customers choose from a wide selection of recipes online and receive the ingredients in the correct proportions, so there is no food waste, together with an easy-to-follow recipe card, all delivered to their door. Gousto sources ingredients which are organic, local and seasonal. MoreThanAngels have been involved with Gousto since early 2013 and made an initial investment in June 2013. During this round of investment, we also arranged for the Angel CoFund to invest alongside us, providing a total of £250,000 of funds at this time.

MoreThanAngels led the due diligence for the Angel CoFund and with a thorough understanding of industry dynamics, were able to present a compelling investment case for the market, the product and the team. The appointment of one of the MoreThanAngels team to the Board of Gousto, added invaluable industry knowledge in key areas of packaging, sourcing and logistics, which further enhanced the investment case for the Angel CoFund. Further detail can be seen here

As well as providing funds to further improve the customer experience, drive sales and add more flexibility to the delivery service, MoreThanAngels supported Gousto’s profile raising visit to BBC’s Dragons Den, which can be seen at here

Timo Schmidt, CEO and co-founder of Gousto, commented “This latest round of funding means we can both improve and grow our service and we’re delighted that our new investors are showing so much confidence in us.”

In August 2013 Gousto extended their product offering through on-line supermarket Ocado. In November 2013 MoreThanAngels invested further with Gousto, this time alongside MMC Ventures, raising over £1.3 million at this point.

Since then, a further circa £10 million has been invested in Gousto by Unilever Ventures, MMC Ventures and most recently, BGF.


Bodychef have been supplying freshly prepared, nutritionally balanced meals direct to your door since January 2003. Since then, Bodychef have helped thousands of people to condition their eating habits and lose weight successfully, with many customers continuing to use the Bodychef plan well after they have achieved their target weight for convenient healthy eating. 


MoreThanAngels initially invested in Bodychef in November 2013 and as well as taking a seat on Bodychef’s Board, we also facilitated the appointment of one of our Associates, to work alongside Bodychef’s senior management team, to provide strategic direction and governance in key areas of the business.

All key objectives have been delivered:

  • Doubling sales since investment.
  • Providing food manufacturing experience to improve and optimise the operation.
  • Pay down significant debt in the business, in November 2013.
  • Re-structure the business and approach, away from “a family lifestyle business” to “an entrepreneurial well managed business”.

Jayne Ritchie, Bodychef Founder, said “Following MoreThanAngels involvement, strong progress has been made in the business with a more robust operational platform, significant reduction to the business debt and turnaround of sales. Total sales have doubled since the initial investment, despite very strong competitive activity.”

The business is in the process of securing further funding, from new investors, provided by the network of contacts from MoreThanAngels, which will significantly drive sales, in the future through increased marketing investment.


Honest Brew is the world’s first personalised craft beer delivery service and offers a new way to discover craft beer. Honest Brew’s expert team curates beers from over 50 different breweries to match customer’s individual tastes.

Both a retailer and a brewer, the company is passionate about helping people to discover craft beer and supporting the independent breweries that are producing them. More Than Angels invested £250,000 in December 2014 and the funds will see Honest Brew grow its resource, focus on acquisition growth and further develop its online platform.

Andrew Reeve, founder of Honest Brew, says: “We are thrilled to be working with More Than Angels as Honest Brew enters an important growth stage. The investment will see us accelerate our growth and allow more people to experience the service. The team are passionate about giving customers the best experience possible and will continue to develop our online platform to give the customer even more control.”

Keith Foreman, founding partner at More Than Angels and now Chairman at Honest Brew, says: “We are delighted to be working with Andrew and the team at Honest Brew at what is an exciting time for the craft beer industry. Honest Brew is a company with massive growth potential and is truly focused on delivering what the consumer wants – quality product and a flexible service.”

In September 2015, More Than Angels advised on a further round of fund raising via crowdfunding platform Crowdcube. Initially aiming to raise £300k, it is envisaged the round will close above £400k and has received backing from over 300 investors. Andrew said the passion of those who enjoy Honest Brew’s subscription service has driven the surge in investment.

Looking forward, Andrew is keen to increase Honest Brew’s presence in the UK market. "We are working with breweries all over the world to bring their products to the customers in the UK, and increasing the variation of craft beer on the market."


Max Golf Protein is the very first protein based refreshment designed specifically for golfers.

The Drink:
Each 330ml bottle contains 25g of a slow release protein, designed to keep feeding the muscles continuously throughout a round of golf. This is balanced with the ideal amount of carbohydrates to sustain energy around 18 holes, and just 0.3g of saturated fat per bottle. This high protein, low fat, vanilla flavoured milkshake is gluten free, suitable for vegetarians, and all the sugars are naturally found in skimmed milk. Skimmed milk has been scientifically proven to hydrate the body better than any other drink. On top of all the health benefits Max Golf Protein also tastes absolutely delicious!

Max Golf Protein is now sold in golf clubs across the UK, Ireland, The Netherlands, Norway and Spain.

They will be launching their second product in August 2016.

MoreThanAngels made its investment in Max Golf Protein in April 2016 and appointed two of its directors to the Board.

Co-founder Cat Vickers said: "Working with MTA has been great. Brian Daniel was our first point of contact within the group, and thanks to his enthusiasm and efficiency we have been able to establish a working relationship very quickly. We're sure MTA's expertise in the food & drink industry will bring a wealth of knowledge and experience to our business."


The Angel CoFund is a £100m investment fund with objectives to back promising UK businesses and help develop the important business angel investment market.

Launched in November 2011, the fund makes initial investments of between £100K and £1M, alongside syndicates of business angels in order to support high potential businesses and give them the capital they need to develop and propel growth.

Since launch the fund has invested in or committed close to £20M, alongside a further £75M from business angels and other investors, providing support for nearly 50 companies.

The Angel CoFund works in partnership with business angel syndicates and does not engage directly with companies looking for funding. Following our joint investment in Gousto, MoreThanAngels have become a partner of the Angel CoFund with the ability to look at future co-investment opportunities together. Investing in Gousto MoreThanAngels led the due diligence for the Angel CoFund and with our thorough understanding of industry dynamics in the food sector, were able to present a compelling investment case for the market, the product and the team. The appointment of one of the MoreThanAngels team to the Board of Gousto added invaluable industry knowledge in key areas of packaging, sourcing and logistics, which further enhanced the investment case for the Angel CoFund. Further detail can be seen here.

Tim Mills, Investment Director, of the Angel CoFund commented “Key to the success of the Angel CoFund is finding the right partners to work with. We rely on them to lead diligence and negotiate terms, so it is important for us to find groups with a real depth of specific sector knowledge. It has been a pleasure to work with the team at MoreThanAngels as they have a wealth of knowledge and experience within the Food Sector, and really understand the drivers of success”.


MMC is an award winning fund manager that has been backing fast growing early stage companies since 2000. They are active investors, working with entrepreneurs to create valuable companies. They have over £110 million under management through both EIS Funds and traditional limited partnerships. MMC actively seek investment opportunities in high growth sectors where the UK is a world leader such as, financial services, business software, business services, digital media and e-commerce.

MMC has a professional investment team of seven which sifts a proprietary deal flow of circa 1,000 business plans per annum to invest in 6-8 new companies and a similar amount of follow-on deals. In November 2013, MMC jointly invested with MoreThanAngels in weekly food subscription service business Gousto.

Since then, MoreThanAngels have developed a strong working relationship with MMC. Jon Coker, Partner at MMC, commented "In any investment it is important for us to seek industry specific knowledge to inform our investment decision and advise our portfolio companies going forward. MoreThanAngels were able to do this given the wealth of their experience in the Food Sector. Following our joint investment in Gousto, MMC have called upon MoreThanAngels to help review other investment opportunities in the Food Sector".


The UK Business Angels Association is the national trade association representing angel and early stage investment in the UK. (England, Wales and Northern Ireland).

The angel community in the UK is very diverse reflecting a range of different models and approaches including angel networks, small groups and syndicates. The UK Business Angels Association represents and connects all those involved in the angel investment market, including early stage VC funds, Banks and also non-traditional sources of finance, with a view to ensuring a coherent ecosystem for financing the growth of start-up and early stage businesses.

MoreThanAngels is a registered member of the UK Business Angels Association.


Browne Jacobson is a full service law firm which MoreThanAngels engage with. We chose Browne Jacobson for a number of reasons including:
  • National reach, with offices in Birmingham, Exeter, London, Manchester and Nottingham
  • Business people who specialise in legal solutions
  • A quality, relationship-led business offering tailored legal solutions to meet our needs
  • A commitment to clarity and transparency in all areas of our business through sensible language and practical recommendations

“We have worked with More Than Angels on several investments. We have found their expertise and knowledge of the food [and drinks] sector second to none. As fully engaged partners MTA spend time getting to know a business inside and out and with their pragmatic, focused and commercially driven approach they can add real value. It has been a pleasure to work with them”. Richard Cox, Corporate Finance Partner, Browne Jacobson.