Vejii now seeks to raise C$10 million and appointed Eight Capital as its lead agent in the brokered private placement
In a move to grow the vegan retail environment, Vejii Holdings, the operator of vegan marketplace shopvejii.com in the US and Canada, has signed a definitive agreement to acquire Vegan Essentials, which operates veganessentials.com, one of the largest and longest-operating vegan marketplaces in the US.
Vejii entered the market only four months ago and launched in Canada last week – it currently offers more than 3,000 SKUs of often hard to find brands. Now Vejii is set to acquire one of the most trusted names in vegan retailing to establish a stronghold in the booming online marketplace.
Kory Zelikson, Vejii chief executive, said: “We believe that Vejji’s acquisition of Vegan Essentials provides an established asset to accelerate growth within the growing plant-based market and will solidify Vejii as the market leader for online plant-based sales within the US.”
Zelikson explained that Vegan Essentials joins the Vejii family with a loyal customer base, established supplier relationships, and distribution channels that will not only enhance Vejii’s ability to continue scaling in the US, but also help grow Vegan Essentials’ reach with Vejii’s enhanced tech stack, and marketing experience.
“Vejii will leverage over 20 years of consumer insight and data from VeganEssentials.com, as the online grocery market has the potential to exceed traditional retail shopping over the long-term and will help fuel our growth for years to come,” he said.
Vejii’s management team brings extensive experience in the leading and scaling of online platforms.
Ryan Wilson and Mary Ernster, co-founders of Vegan Essentials, said: “Vejii’s acquisition of Vegan Essentials is not only a significant milestone for the company, but for the plant-based market as a whole. With this acquisition, we believe Vejii is poised to leverage the rapid growth of the plant-based online retail market, driven by consumer demand, access to new products, and the largest selection of plant-based products in one place.”
Following the successful completion of the proposed transaction, the Vegan Essentials management team will continue to support the transition, driving consolidated distribution and day-to-day operations.
Vejii also announced that it seeks to raise C$10 million Ii brokered private placement and appointment Eight Capital as its lead agent.
Date published: 16 April 2021