Veganuary co-founder and vegan entrepreneur Matthew Glover has launched a not-for-profit investment fund aimed to help early-stage vegan and plant-based businesses.
Veg Capital will provide Angel, Seed and Series A funding to companies that aim to reduce the number of animal products in the food system.
The fund will support businesses that develop innovative plant-based and cultivated alternatives to meat, seafood, dairy and eggs.
Veg Capital is on an ethical and environmental mission to reduce the burden on our planet, save animals and create a sustainable food industry.
The fund plans to donate all profits to the UK and European animal charities.
Matthew Glover, Managing Director, said: "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!
"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," he added.
One of the first investments of Veg Capital was the UK's major online vegan store TheVeganKind (TVK). The fund was the leading investor on TVK's recent Seedrs capital raise.
Scott McCulloch, CEO of TVK, said: "We were delighted to welcome Veg Capital on as the cornerstone investors to our recent Seedrs raise . Not only do their ethics match ours, but we know their plans for the future are in alignment with our growth aspirations and also our wider view of the world as veganism continues to surge. At TheVeganKind, we are taking veganism to the masses and making a vegan lifestyle easily accessible to all. Veg Capital can truly help us realize this ambition. It makes for a fantastic partnership."