Plant-based product review startup abillion taps into e-commerce with US$10m funds
VEGAN product review platform abillion has closed a US$10 million funding round led by New York-based venture fund 1/0 Capital, bringing the company's total funding to US$17 million.
Tokyo-based SDG Impact Japan's chairman Mamoru Taniya and co-chief executive officer Bradley Busetto also joined the Series A round, abillion said on Wednesday (Dec 15).
The new funds will be used to build a peer-to-peer marketplace within abillion's app and expand its product development, engineering and design capabilities. The startup, formerly known as abillionveg, intends to use "social media and e-commerce for sustainability and social impact".
Founded and based in Singapore, the community platform helps people find and share plant-based food, menu items and cruelty-free consumer products globally.
Its earlier seed round investors include Next Gen Foods' co-founder and executive chairman Timo Recker and venture fund Blue Horizon.
abillion's app has been downloaded by over 1 million people since its launch in May 2018 and its members have posted over 1 million reviews of food, fashion and beauty products from 70,000 restaurants and 60,000 consumer brands across 160 countries, said the startup.
When members post a review, the platform credits them with a US$1 donation to a charity of their choice. The company said it has donated more than US$1 million to over 80 non-profit organisations.
"We have a long road ahead in achieving our target of 1 billion people committed to plant-based living and a more sustainable planet. Completing our Series A is a significant milestone and we're excited to make a far greater impact for our planet in 2022 and beyond," said abillion's chief executive officer and founder, Vikas Garg.
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