Vegan product review startup abillionveg raises US$2m in seed funding

Vegan product review startup abillionveg raises US$2m in seed funding

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PLANT-BASED product review platform abillionveg has secured US$2 million in a seed funding round led by California-based venture fund 500 Startups, bringing the company’s total funding to US$2.6 million.

The funding will be used to accelerate its efforts in recruitment, technology, and growing its community.

Founded in Singapore, the social impact startup is a community-driven review platform that helps people across the world find and share insights about plant-based menu items, packaged foods and cruelty-free consumer products.

abillionveg members earn credits when they post reviews, which convert into donations for animal and marine life welfare organisations.

The company also sends consumer reviews to businesses, helping them improve and introduce more sustainable options.

Its investors include Singapore-based Calibre Ventures, New York-based 1/0 Capital, Zurich-based Blue Horizon Group and family offices across Asia and the US.

Hong Kong-based founder of non-profit company Room to Read and author, John Wood, has also come on board as an investor and adviser to abillionveg.

Since its launch in May 2018, 50,000 reviews have been posted across 30,000 vegan dishes and more than 8,000 consumer products in 90 countries, abillionveg said.

Vikas Garg, founder and CEO of abillionveg, said the purpose-driven business has a goal of helping a billion people join the plant-based movement by 2030 and of donating US$1 billion to support animal welfare and education causes.

The company plans to donate US$1 million in 2020.

Said Mr Garg: "Our growth reflects demand in the market for more sustainable options. Currently, approximately 5 per cent of the world’s population or 400 million people identify as vegetarian. We want to see that number at 10-15 per cent higher.

"There’s a broader trend of consumers advocating against animal agriculture which is driving significant shifts in their purchasing behaviours when it comes to the food and products they consume, and this is happening globally."