The new investment company is headed up by Veganuary co-founder Matthew Glover
Matthew Glover, the vegan entrepreneur and Veganuary co-founder, has announced the launch of Veg Capital, a not-for-profit investment company to help fund early-stage businesses in the plant-based food space.
The investment focus is on companies that develop innovative plant-based and cultivated replacements to animal products, including meat, seafood, dairy and eggs.
Veg Capital will provide Angel, Seed and Series A funding to companies and entrepreneurs who fulfil the fund’s criteria and aim to drive down the number of animal products in the food system.
The investor has entered the market with an ethical and environmental mission: “To reduce the burden on our planet, spare the lives of animals and create a sustainable food industry,” the company said.
“We invest in plant-based foods and then through our philanthropy help raise awareness and increase demand for that food”Matthew Glover
The plant-based investor also plans to donate all profits to animal protection charities in the UK and Europe.
Glove explained: “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.”
Veg Capital has already provided funding to game-changer companies, including pea protein milk alternative Mighty Pea, Native Snacks, One Planet Pizza, and seafood start-up Good Catch, to name a few.
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.
Nimesh Shah is Veg Capital’s accountant and advisor, bringing with him over 10 years of experience working with growing businesses.
Interest in plant-based eating is growing exponentially, with initiatives like Veganuary creating widescale demand for animal-free products.
This January, over a thousand new plant-based products and menu items were launched in the UK. The global growth in demand has continued in the wake of the Covid-19 pandemic, with a drastic increase in retail food sales.
Data commissioned by SPINS in the US show a 90% spike in plant-based food sales — compared with last year — at the peak of panic buying, up 25% of total food sales.
In the four weeks following this period, plant-based food sales grew 27%, which is 35% faster than total retail food.
“It is no surprise then that the number of investors in this sector is also on the rise”Matthew Glover
Glover said 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,” Glover concluded.
Date published: 5 June 2020