Vegan food review platform banks $2m in seed round led by 500 Startups

Abillionveg, a Singapore-based reviews and recommendations platform for vegan-friendly food, restaurants, and products, raised US$2 million in a seed round led by US-based 500 Startups.

Photo credit: Pxhere

The investment round pushed the company’s total funding to US$2.6 million, according to a statement.

The startup’s other investors include New York-based 1/0 Capital, Zurich-based Blue Horizon Group, Singapore-based Calibre Ventures, and family offices across Asia and the US. John Wood, an author and the founder of nonprofit organization Room to Read, has also become an investor and advisor to the startup.

Abillionveg users who post reviews can earn credits, which can be converted to donations for animal and marine life welfare organizations. According to founder and CEO Vikas Garg, the company aims to help a billion people join the plant-based movement by 2030 and donate US$1 billion to support animal welfare causes.

It also plans to donate US$1 million in 2020. “Our funding will be used to accelerate our efforts in recruitment, technology, and growing our community to achieve this,” said Garg.

Since launching in May 2018, the platform has amassed 50,000 reviews across 30,000 vegan dishes and more than 8,000 consumer products in 90 countries, the company claims. It also said it has seen a 40% to 50% growth per month in Singapore, Hong Kong, Australia, Canada, the US, and the UK.

Garg attributes the company’s growth to increasing market demand for sustainable options. “Currently, approximately 5% of the world’s population or 400 million people identify as vegetarian. We want to see that number at 10% to 15% higher,” he said.