Vegan entrepreneur Veganuary co-founder Matthew Glover has launched launch of a not-for-profit investment venture to help fund growth companies in the plant-based food space.
Veg Capital will provide Angel, Seed and Series A funding to companies and entrepreneurs with the ultimate aim of driving down the number of animal products in the food system.
The fund will focus on companies that develop innovative plant-based and cultivated replacements to animal products, including meat, seafood, dairy and eggs, with investments typically ranging from £100,000 to £250,000.
Veg Capital plans to donate all profits to UK and European animal protection charities.
Veg Capital’s MD Matthew Glover commented: “Our aim is to drive up the supply of vegan foods while driving down demand for animal products. We invest in plant-based foods and then through our philanthropy help raise awareness and increase demand for that food. It’s a double whammy of activism. We’ve already provided funding to eight game-changer companies and there is much more to come.”
Early stage investments so far include dairy-free milk alternative Mighty Pea, plant-based ‘milkshake’ brand Grounded, vegan chocolate producer Mummy Meagz and online supermarket and subscription service TheVeganKind.
Glover is joined by Cliff and Simi Johnson who have been offering start-up investments, financial consulting and workplace wellbeing support through their own fund Johnson Resolutions.
The investment group said interest in plant-based eating is “growing exponentially”, with over a thousand new plant-based products and menu items launched in the UK in January.
It added that the global growth in demand has continued in the wake of the coronavirus, with a drastic increase in retail food sales.
According to data commissioned by SPINS in the US, plant-based food sales spiked 90% year-on-year at the peak of panic buying.
Glover added: “Investment in this space remains strong despite Covid-19, with several plant-based meat companies raising significant funds recently. It is no surprise then that the number of investors in this sector is also on the rise and Veg Capital welcomes the opportunity to collaborate and co-invest with other likeminded funds and individuals.”
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