ProVeg and Veg Capital partner to fund food tech startups
ProVeg International and venture capital firm Veg Capital have joined forces to invest in mission-driven food and food-tech startups.
The partnership has already invested in two alumni companies of the ProVeg Incubator – the leading incubator of plant-based and cultured-food startups.
The latest investment is a funding package of €180,000 EUR for the sugar-free, plant-based desserts startup, Zveetz.
Christian Krause and Vishal Kawatra founded Zveetz in Berlin, after battling with personal and family health issues stemming from the overconsumption of sugar. The startup graduated from the ProVeg Incubator last year.
At the end of 2020, ProVeg International and Veg Capital were also part of a group of investors that injected funding into another ProVeg Incubator alumni startup – Hooked. The Swedish plant-based seafood company raised $600,000 USD to launch its fish alternatives.
Earlier in 2020, ProVeg International also invested in the Israeli startup Remilk. The precision fermentation company raised $11.3 million USD to further develop its alternative dairy products.
Sebastian Joy, president of ProVeg International, said: “By investing in innovative and impactful food startups such as Zveetz, Hooked, and Remilk, ProVeg is driving the positive change that our food system desperately needs. Our mission is to reduce the global consumption of animals by 50% by the year 2040. Ensuring consumer access to attractive, affordable, and available plant-based alternatives is key to achieving that.”
Matthew Glover, managing director of Veg Capital and Founder of Veganuary, said: “Veg Capital is delighted to partner with ProVeg Incubator. As organisations, we are fully mission-aligned in exclusively supporting pioneering companies that are striving to replace animals in the global food system. All of the profits that are made through our collaboration will be donated back to ProVeg – a virtuous circle of positive change for animals and the planet.”
Vishal Kawatra, co-founder of Zveetz, said: “We are on cloud nine right now and super grateful to have the combination of ProVeg and VegCapital, as the first institutional investment for our seed round closing this week. We are seeking best in class investors and it was clear that the combined value of both organisations provides a degree of capacity building that I have yet to see elsewhere in Europe.”
Albrecht Wolfmeyer, head of the ProVeg Incubator, said: “We are committed to supporting startups that are building the future of food and providing investment opportunities is another substantial feather in the cap of the services that we offer. We are delighted to work with Zveetz, Hooked, and Remilk as investment partners and now look forward to building our alliance with Veg Capital and to funding further innovative startups in the future.”
The ProVeg Incubator is currently accepting startup applications to join the upcoming edition of its accelerator programme, which will kick off in April 2021. Interested founders can apply online at provegincubator.com/apply.
