Nigerian alt-meat startup VeggieVictory bags funding

 Nigerian alt-meat startup VeggieVictory bags funding

Nigerian faux meat products startup VeggieVictory has raised funding from a new set of vegan and other speciality food funds to close its pre-seed funding round.

The firm has attracted Sustainable Food Ventures (SFV), an AnglelList rolling fund focused on alternative proteins, Capital V, Kale United and Thrive Worldwide.

This follows funding last August from Ryan Bethencourt, founder and CEO of California vegan pet food brand Wild Earth; and early-stage investor Anant Joshi, the founder of Plant CEO. Bethencourt is also managing partner at SFV.

The startup didn’t disclose the amount of funding but said it now plans to expand into more African countries.

VeggieVictory was founded eight years ago by Bola Adeyanju and Hakeem Jimo. It started with a vegan café in Lagos and launched its own line of faux-meat plant-based food products, Vchunks, in 2016. Vchunks is a locally manufactured meat substitute and available in 12 Nigerian states. It is also even shipped abroad.

Alternative meat is fast developing into a global phenomenon as a healthy protein alternative as against fat-based animal proteins. Although purists observe the faux meat products in the market is some way from replicating the taste and fragrance, startups around the world are venturing in the field with an eye on the vegan movement.

Other alternative-meat startups that have raised funding in recent years include Israeli firms Redefine Meat and Future Meat, and American companies Beyond Meat and Impossible Foods Inc.

Vivek Sinha

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