Veganuary founder Matthew Glover is heading up a new £30 million impact fund for vegan businesses.
Former investment banker Alexandra Clark and MVK Group founder Manish Karani are fellow founders of the new fund, called Sentient Ventures. The trio has a wealth of experience. Together, they have advised more than 30 investments into plant-based companies, like vegan chicken brand VFC and pizza chain Purezza.
Sentient Ventures will focus on providing early growth stage capital to companies that are ready to scale up production and expand their reach.
Changing the food system
The main mission of the new impact fund is to accelerate a change in the food system. Right now, animal agriculture is causing environmental havoc. It emits 14.5 percent of global emissions, drives deforestation and habitat destruction, and uses up valuable resources, like fresh water.
On top of that, it raises serious animal cruelty concerns. According to Compassion in World Farming, around two-thirds of farm animals are raised on factory farms every year. On these industrial farms, animals are crammed together, unable to display their natural behaviors, and often slaughtered long before they reach the end of their natural life span.
“Sentient Ventures was born of both passion and frustration,” said Glover. “Frustration that not enough is being done at a high level to move to a more sustainable and humane food system, and passion for the novel solutions that are reshaping food production without animals, and the founders behind them.”
A ‘booming’ industry
Plant-based brands are creating products that taste just like meat but without environmental or ethical implications. According to Grand View Research, the plant-based meat market could reach a market value of nearly $25 billion by 2030.
As a whole, the plant-based food market could exceed $162 billion within the next decade, reports Bloomberg Intelligence.
“Now is a prime time to invest in alternative protein companies,” added Glover, before stating that “the plant-based foods market is booming.” He added: “The threat of recession means lower valuations and less competition.”