VeggieVictory, a Nigerian plant-based startup, has announced that it has secured an undisclosed pre-seed investment round from Sustainable Food Ventures (SFV), Capital V, Kale United, and Thrive Worldwide.
The startups’ newest funding comes months after it raised angel funding from a number of vegan enthusiasts, including Anant Joshi, the founder of Plant CEO, and Ryan Bethencourt, the founder and CEO of California vegan pet food brand Wild Earth and also the founder of SFV who participated in this pre-seed round.
VeggieVictory which was launched in January will use the proceeds to continue expanding its plant-based offerings, with products such as vegan beef jerky to be first on the cards to join its existing range, which includes soy-based hot dogs, tofu scrambles, meatless burger patties and shawarmas, as well as tailored Nigerian cuisine dishes, such as efo riro stews with vegan meat.
Additionally, it plans to double down its presence in its domestic market in Nigeria as well as expand globally to a number of other African countries, the U.S. and Europe.
Their flagship product is a plant-based meat chunks dubbed Vchunks, a protein-rich analogue developed, produced and packaged locally in Nigeria, and currently sold in over 12 states in the country.
“The entire team at VeggieVictory is proud of its growing gender-balanced and black-owned shareholder base with a common vision for environmental sustainability, social fairness, and free from animal cruelty,” said Oyebola Adeyanju.
Hakeem Jimo, co-founder and CEO of the startup, says that the international investment represents the strong potential that industry experts see in the African continent with regard to plant-based innovation.
“We are excited to have won over these well-known investors not only for VeggieVictory but the African continent as the next frontier for the plant-based movement,” said Jimo.
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