VeggieVictory, Nigeria’s first plant-based protein startup, has completed an undisclosed pre-seed round for its plant-based meat products. Green Queen was first to break the news. The round included participation from Sustainable Food Ventures (SFV), Capital V, Kale United, and Thrive Worldwide.
Lagos, Nigeria-based VeggieVictory will use the new funds to expand its roster of plant-based meat products, which right now includes a number of different soy-based products. The company’s flagship product, Vchunks, is a plant-based meat analogue the company says mimics the mouthfeel of beef or chicken and can be used in a variety of dishes.
Currently, Vchunks is sold in 12 different states across Nigeria. With its new funding, Veggie Victory plans to increase its presence in those markets and elsewhere in Nigeria, and eventually expand to other African countries, the U.S., and Europe. As far as new products go, VeggieVictory will next release a vegan beef jerky called Killshi.
Meat consumption is on the rise in Africa as more people enter the middle class and have more access to meat and dairy products. At the same time, the continent’s population is growing rapidly. By 2100, five of the world’s 10 largest countries by population are projected to be in Africa, according to data from the United Nations. Nigeria tops the list after India and China.
Those factors present a huge market opportunity for companies making plant-based proteins, though few exist yet. Infinite Foods, a subsidiary of Botswana-based Accite Holdings, distributes well-known international plant-based brands, including Beyond Meat, throughout Africa. Elsewhere, the market is open for new startups, and as such, Veggie Victory has an opportunity to be a leader in this space.
This week’s round follows VeggieVictory’s undisclosed Angel investment from August 2020.