Vegan entrepreneur and Veganuary co-founder Matthew Glover has today announced the launch of a not-for-profit investment company to help fund early-stage businesses in the plant-based food space.
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 fund’s focus will be on companies that develop innovative plant-based and cultivated replacements to animal products, including meat, seafood, dairy and eggs.
Underpinning Veg Capital is 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. Unlike traditional investment firms, Veg Capital plans to donate all profits to UK and European animal protection charities.
‘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!’Matthew Glover, Managing Director
Matthew 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 coronavirus, with a drastic increase in retail food sales. According to data commissioned by SPINS in the US, plant-based food sales spiked 90% (compared to last year) at the peak of panic buying – 25% higher than total food sales. In the four weeks following this period, plant–based food sales grew 27%, which is 35% faster than total retail food.
‘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.’Matthew Glover, Managing Director
For companies seeking investment, applications are welcome via our contact page.