The tipping point for all things vegan seems to have been 2019. The Economist declared 2019 as the year of the vegan, reporting that a quarter of millennials identify as vegan or vegetarian. Vegan beauty is definitely not just a trend, with the global vegan cosmetic market predicted to be worth $20.8 billion by 2025.

Vegan entrepreneur and Veganuary co-founder Matthew Glover has launched a not-for-profit investment firm to help fund early-stage businesses in the plant-based food space.

Veg Capital will provide Angel, Seed, and Series A funding to companies and entrepreneurs who fulfill the fund’s criteria and aim to reduce the number of animal products in the food system. The focus of the fund will be companies that are developing innovative plant-based and cultivated replacements for animal products.

Veg Capital was founded with an ethical and environmental mission to reduce the burden on our planet, spare the lives of animals, and create a sustainable food industry. Unlike traditional investment firms, Veg Capital plans to donate all profits to the UK and European animal protection charities.

“Our aim is to drive up the supply of vegan foods while driving down demand for animal products. We invest in plant-based foods and then through our philanthropy help raise awareness and increase demand for that food. It’s a double whammy of activism. We’ve already provided funding to eight game-changer companies and there is much more to come!,” said Matthew Glover, Managing Director.

Matthew is joined by Cliff and Simi Johnson, who have been offering start-up investments, financial consulting, and workplace well-being support through their own fund Johnson Resolutions.

According to data commissioned by SPINS in the US, plant-based food sales spiked 90% (compared to last year) at the peak of panic buying—25% higher than total food sales. In the four weeks following this period, plant-based food sales grew 27%, which is 35% faster than total retail food.

Glover continued, “‘Investment in this space remains strong despite Covid-19, with several plant-based meat companies raising significant funds recently. It is no surprise then that the number of investors in this sector is also on the rise and Veg Capital welcomes the opportunity to collaborate and co-invest with other like-minded funds and individuals.”