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VeggieVictory, Nigeria’s first plant-based startup, has announced the completion of a pre-seed funding round from a number of international investors. Describing the investment round as evidence of the African continent’s potential to be the “next frontier” for the global plant-based movement, the company says it will use the capital to continue its expansion and add new plant-based meat offerings bring the market to the market.
VeggieVictory, Nigeria’s first 100% plant-based food technology, has completed a pre-seed round of a number of venture capital firms based in the US and Europe, the company announced on Wednesday (February 10). Participated in the financing round Sustainable food companies (SFV), the first rolling fund on AngelList for alternative proteins, a plant-based VC company Chapter V., Swedish vegan investor Kale United and Prosper globally, a company investing in food technologies, cryptocurrency and decentralized financial solutions, clean energy, and health therapies.
VeggieVictory’s latest injection capital comes soon after it was funded by a number of vegan industry veterans including Anant Joshi, founder of Plant CEO, and Ryan Bethencourt, founder and CEO of California vegan pet food brand Wild Earth and also the founder of the SFV that took part in this pre-seed round. The amount of pre-seed funding received was not disclosed.
The Lagos-based startup plans to use the proceeds for Expand your plant-based portfolio with products like vegan dried meat coming first to expand its existing range, which includes soy-based hot dogs, scrambled tofu eggs, meatless burger patties and shawarmas, as well as bespoke Nigerian cuisine like Efo Riro stews with vegan meat.
VeggieVictory’s flagship product Vchunks (Source: VeggieVictory)
With these investments we can develop other products besides our main brand Vchunks. Our vegan dried beef ‘Kilishi’ is our latest innovation.
Oyebola Adeyanju, co-founder of VeggieVictory
Their flagship product is a plant-based cut of meat alternative called vchunks, a high protein analog developed, manufactured and packaged in Nigeria that is currently sold in over 12 states across the country.
“With these investments we can develop other products in addition to our main brand Vchunks,” said Oyebola Adeyanju, co-founder of VeggieVictory, who also leads product development for the startup. “Our vegan ‘Kilishi’ dried meat is our latest innovation. A ready-to-eat vegan snack. ”
Hakeem Jimo, co-founder and CEO of the startup, says the international investment represents the strong potential that industry experts see in the continent of Africa for plant-based innovation.
“We are pleased to have these well-known investors not only for VeggieVictory but also for the African continent as the next frontier for the plant-based movement,” said Jimo.
Commenting on the decision to support food technology again, Bethencourt said, “This is our second investment in VeggieVictory and Sustainable Food Ventures. We pride ourselves on being the main investor. The plant-based revolution is even more important in emerging markets, and Nigeria is one of the biggest. ”
We are pleased to have won these well-known investors not only for VeggieVictory but also for the African continent as the next frontier for the plant-based movement.
Hakeem Jimo, Co-Founder and CEO of VeggieVictory
Fried vchunks (Source: VeggieVictory)
Other investors who joined the pre-seed round saw the opportunity to support VeggieVictory after the startup finished second in Vevolution’s Pitch & Plant live virtual pitch competition in December 2020.
While Michiel van Deursen, founder of Capital V, headquartered in Spain, said that VeggieVictory is one of the leading startups that will pave the way for “tremendous growth and opportunity” in plant life on the African continent, believes Kale United founder Måns Ullerstam that this is the case. The basis of food technology in the continent’s largest economy makes it ripe to drive disruption.
The entire VeggieVictory team is proud of its growing gender and black shareholder base with a shared vision for environmental sustainability, social fairness and cruelty free.
Oyebola Adeyanju, co-founder of VeggieVictory
“Kale United has said from day one that its dream investment is in a plant-based company in Africa that could help Africa make the same leap as cell phones,” said Ullerstam. “We believe VeggieVictory is the right company to do this in Nigeria – the largest market in Africa.”
Armed with its final round of funding, VeggieVictory plans to double its presence in the Nigerian domestic market and expand globally to a number of other African countries, the US and Europe. It believes it will stand out as a diverse, inclusive company in an increasingly competitive marketplace.
“The entire VeggieVictory team prides itself on its growing gender-specific, black-owned shareholder base with a shared vision for environmental sustainability, social fairness and cruelty free,” said Adeyanju.
All images courtesy of VeggieVictory.