VeggieVictory, Nigeria’s First Plant-based Food Startup Raises Pre-Seed Funding

Nigeria’s first 100% plant-based food tech, VeggieVictory, has closed a pre-seed round from Sustainable Food Ventures (SFV), plant-based VC firm Capital V, Swedish vegan investor Kale United and Thrive Worldwide. 

VeggieVictory’s latest injection capital comes shortly after it attracted angel funding from a number of veterans in the vegan industry, 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. The amount of pre-seed funding raised was undisclosed. 

The startup plans to use the investment to continue expanding its plant-based portfolio, 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. 

Their flagship product is a plant-based meat chunks alternative dubbed Vchunks, a protein-rich analogue developed, produced and packaged locally in Nigeria, and currently sold in over 12 states in the country.  

“With these investments we are able to develop more products aside from our main brand Vchunks,” said VeggieVictory co-founder, Oyebola Adeyanju, who also leads product development for the startup. “Our Vegan beef jerky ‘Kilishi’ is our latest innovation. A ready-to-eat vegan snack.” 

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. 

Commenting on the decision to back the food tech again, Bethencourt said: “This is our second investment in VeggieVictory and Sustainable Food Ventures is proud to be the lead investor. The plant-based revolution is even more crucial in emerging markets and Nigeria being one of the biggest ones.”