A new vegan investment company seeks to help fund early-stage businesses in the plant-based food space.
Matthew Glover, vegan entrepreneur and Veganuary co-founder, is the managing director of Veg Capital, which will provide Angel, Seed and Series A funding to 'companies and entrepreneurs who fulfill the fund’s criteria and aim to drive down the number of animal products in the food system'.
Companies developing plant-based alternatives to animal products, including meat, seafood, dairy, and eggs will be the fund's focus, alongside cultivated alternatives.
Veg Capital cites recent sales data which shows the growth potential of the global plant-based food sector, with demand continuing to grow even throughout the COVID-19 pandemic.
The organization says: "According to data commissioned by SPINS in the US, plant-based food sales spiked 90 percent (compared to last year) at the peak of panic buying - 25 percent higher than total food sales. In the four weeks following this period, plant-based food sales grew 27 percent, which is 35 percent faster than total retail food."
According to the organization, it is underpinned by an ethical and environmental mission that 'seeks to reduce the burden on our planet, spare the lives of animals and create a sustainable food industry'.
Veg Capital plans to donate all profits to U.K. and European animal protection charities.
'A double whammy'
"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," Veg Capital’s managing director, Matthew Glover, said in a statement sent to Plant Based News.
"It’s a double whammy of activism. We’ve already provided funding to eight game-changer companies and there is much more to come!"
He 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 like-minded funds and individuals.’
Companies seeking investment can find out more here