In Nigeria, it is not regular for plant-based foodtech startups to make major funding headlines, but VeggieVictory, the Lagos (Dolphin Estate)-based plant-based startup that offers Nigerian culinary delicacies specifically made for vegetarians, founded by a husband and wife, has just done that. The startup has announced the completion of a pre-seed funding round from a host of international investors.
“With these investments we are able to develop more products aside from our main brand Vchunks,” said VeggieVictory co-founder, Oyebola Adeyanju, who also leads product development for the startup. “Our Vegan beef jerky ‘Kilishi’ is our latest innovation. A ready-to-eat vegan snack.”
Here Is What You Need To Know
- Investors in this round are mostly venture capital firms located in the United States such as Sustainable Food Ventures (SFV), the first rolling fund on AngelList dedicated to alternative proteins; plant-based VC firm Capital V, Swedish vegan investor Kale United and Thrive Worldwide, a company that invests in food techs, cryptocurrency and decentralised finance solutions, clean energy and health therapies.
- Equipped with its new funding round, VeggieVictory says it aims to double its footprint in its Nigerian domestic market as well as extend to a variety of other African nations, the U.S. and Europe internationally. It believes that it will stand out in an increasingly competitive market as a diverse, inclusive business. The startup also plans to use to continue growing its plant-based portfolio, with products such as vegan beef jerky to be the first to enter its current line, including soy-based hot dogs, tofu scrambles, meatless burger patties and shawarmas, as well as custom Nigerian cuisine dishes such as vegan meat efo riro stews.
- The latest investment in VeggieVictory comes shortly after it received angel support from a number of vegan industry veterans, including Plant CEO founder Anant Joshi and California vegan pet food brand Wild Earth founder and CEO Ryan Bethencourt, as well as the SFV founder who participated in this pre-seed round. It was undisclosed the amount of pre-seed funding received.
Why The Investors Invested
Commenting on the decision to back the food tech again, Bethencourt said:
“This is our second investment in VeggieVictory and Sustainable Food Ventures is proud to be the lead investor. The plant-based revolution is even more crucial in emerging markets and Nigeria being one of the biggest ones.”
Other investors who entered the pre-seed round had the ability to fund VeggieVictory after the start-up finished second at the Pitch&Plant virtual live pitch competition in December 2020 for Vevolution.
Read also:After A Major Pivot, Kenyan Fintech Startup Popote Secures Funding Round
While Spain-based Capital V founder Michiel van Deursen said that VeggieVictory is one of the leading startups that will pave the way for “tremendous growth and opportunities” in the plant-based space on the African continent, Kale United founder Måns Ullerstam believes that the foundation of food tech in the continent’s largest economy makes it ready to drive disruption.
“Kale United has said from day one its dream investment is a plant-based company in Africa who could help Africa make the same leap it did with mobile phones,” said Ullerstam. “We believe VeggieVictory is the right company to make this happen in Nigeria — the largest market in Africa.”
Read also: Nigerian Decentralised Finance Startup Xend Finance Raises Additional $500k
A Look At What The Startup Does
After Hakeem, himself a vegan for many years, returned from a trip to Asia where he found many vegan restaurants through the HappyCow app, Hakeem and his wife, Bola Adeyanju, started VeggieVictory as a vegan restaurant. Back in Lagos, there was not a single one he noticed. But he wanted to change it, along with Bola.
They wanted to attract more people after the restaurant had taken off and decided that instead of starting more restaurants, they would put out a product, a 100 percent plant-based meat substitute on a soy and wheat basis that is ideal for Nigerian cuisine and is actually cheaper than meat, unlike many more premium-priced meat alternatives abroad.
Read also:Nigerian Reward-based Startup ThankUCash Secures Seven-figure Pre-Series A Funding Round
The startup was birthed in 2013. Its flagship product is a plant-based meat chunks alternative dubbed Vchunks, a protein-rich analogue developed, produced and packaged locally in Nigeria, and currently sold in over 12 states in the country.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer
VeggieVictory funding VeggieVictory funding