vegconomist - the vegan business magazine

Sustainable footwear brand Allbirds this Tuesday revealed it has applied to list its Class A common stock on Nasdaq under the ticker symbol BIRD. The NY Times reports that the B Corp, which was valued at around $1.7 billion in 2020, brought in about $219 million in revenue last year, Allbirds was founded in 2014 by Tim Brown and Joey Zwillinger in New Zealand, setting out as a DTC brand specialising in sustainability. In an interview from back in 2018, Zwillinger stated that an IPO was “not desirable for a variety of reasons,” and that the Allbirds had been “profitable since basically day one.”  As has been widely reported, the company has reported major financial losses and admits it will continue to be unprofitable for the foreseeable future. According to CNBC, its net loss totaled $14.5 million in 2019 and grew to $25.9 million in 2020. For the six-month period to the end of June, the brand reported a loss of $21.1 million. Sales revenues however grew to $219.3 million in 2020 from $193.7 million in 2019. Impressively, though perhaps somewhat unsurprisingly, digital sales represented 89% of these total sales, totalling $194.6 million in 2020. The company, which received backing from several high profile investors including Leonardo di Caprio, operated 27 brick and mortar locations at the end of June and Allbirds reportedly says it has plans for vast retail expansion, being in the “early phase of a ramp towards hundreds of potential locations.” ...

Can one man change the eating habits of a continent and maybe the world? David Yeung is on The Plantbased Business Hour with Elysabeth Alfano.  David Yeung started Green Monday in 2012, and subsequently Green Common in 2015 and OmniFoods in 2019 to address the issues of a rising population, climate change, food scarcity, and animal cruelty in China. He is a world change-maker for the sustainable common good and a gentle force to be reckoned with, hopefully guiding China towards a healthier future. Now he is impacting more than China. Formerly only available in Asia, the much anticipated 100% plant-based OmniPork series from OmniFoods is now on store shelves in the United States in the freezer aisles at Sprouts Farmers Market and Whole Foods Market. Reflecting the demand for plant-based products, delicious Omnipork alone was selling 1 Million+ packages a week in Taiwan in 2020 before Covid. In their long-form interview, David sits down with Elysabeth to discuss the effects of Westernization in Asia, China’s growing health problems, the coronavirus net effect, and the impact of his Hong-Kong based plant-based businesses. Below is a clip and transcription from the long-form interview of David explaining how he is “out-cooling” the meat and dairy competition.  The full podcast is here. Elysabeth: Let’s talk about what you’re up against there. So, Coca-Cola has gone into China bringing dairy. They bought Fair Life. You probably all remember the Fair Life scandal of abuse. It’s certainly not the only case of abuse. There’s abuse for all dairy cows basically, but Coca-Cola bought ...

Veganuary yesterday released the results from its six-month follow-up survey of Veganuary 2021 participants*, revealing that there has been a permanent reduction in meat consumption for a large majority. 68% also reported health benefits including more energy, better skin and improved mood, out of over 582,000 people from 209 countries and territories who took part in Veganuary 2021, smashing all previous records.  The six month follow-up study found that 82% of those participants who were previously omniverous have maintained a dramatic reduction in their animal product consumption: 30% are eating a fully vegan diet; 38% are eating at least 75% less meat and other animal products; and 14% are eating at least 50% less meat and other animal products compared to before Veganuary 2021. Aside from the health impact for the participants and benefits to vegan business, Veganuary this year saved the lives of 3.4 million animals as well as thousands of tonnes of CO2 and millions of tons of water. In terms of vegan business, this year vegan options on Deliveroo were up by +146%; M&S sold its hugely popular vegan beef sandwich every 30 seconds; and the Meatless Farm vegan meatball sub was the fastest best-sellers in the history of sandwich chain Pret. UK restaurant Leon released its Vegan Sweet Carolina BBQ Burger and in just one week it was its bestselling burger. Wagamana released a vegan menu and vowed to veganise 50% of its menu by end of 2021, Heinz released a line of vegan sauces, Subway ...

Following his recent investment in Misha’s Kind Foods, 11-time NBA All-Star Chris Paul has now invested in Koia, leaders in 100% plant-based nutrition shakes. The Phoenix Suns basketballer and Beyond Meat ambassador continues to grow his plant-based investment portfolio.  The investment also furthers Paul’s goal of improving access to healthy foods for disadvantaged communities as well as promoting the benefits of a plant-based lifestyle. Paul has been vegan since 2019 and has experienced substantial improvement to his overall health, performance, and recovery both on and off the court. He is also the founder of The Social Change Fund which counts Beyond Meat as an investor.  Koia produces 100% plant-based, low sugar, health-focused drinks, including protein shakes and smoothies. As part of the new partnership, Paul and Koia will introduce a Koia vending machine program on HBCU (Historically Black Colleges and Universities) campuses focusing on campuses with which Paul has relationships. The initial pilot program will take place this year with a broader roll-out in 2022. The Power of Plant-Based Nutrition Koia, which generated $8 million in sales during 2019, was added to the CircleUp Growth Partners portfolio last year, and recently enjoyed record-setting sales in Q2 2021 exceeding a $40M run rate. Koia products are available in over 16,000 stores including Whole Foods and Walmart.  “My hope for investing in Koia and other changemakers in the industry is that we work together toward a bigger systemic culture shift where underserved communities have access and opportunity to live better, healthier lives,” ...

Plantible Foods announces it has closed a $21.5 million Series A funding round led by Astanor Ventures, making a total raise of $27 million to date. The startup’s proprietary plant protein Rubi Protein™ harnesses lemna, an aquatic plant commonly known as duckweed which is considered to be one of the most sustainable and nutrient-dense plants in the world. “lemna contains one of the most valuable proteins in the world; a protein that behaves just like egg-whites” Plantible was founded in 2018 by Tony Martens and Maurits van de Ven with the goal of reshaping the world’s food supply chain. Speaking with vegconomist in a previous interview, the founders explained that duckweed imitates the characteristics of animal-based proteins: “Being considered one of the world’s most sustainable and nutrient-dense plants, lemna contains one of the most valuable proteins in the world; a protein that behaves just like egg-whites and has an amino acid profile that is comparable to whey, while also being allergen-free and non-GMO. That is why we are developing innovative technologies to cultivate and process this mesmerizing plant.” The founders explained why this plant protein is so efficiently sustainable: “On average, lemna doubles in mass every 36 hours, while it can be grown year-round. This results in a very stable and consistent but also scalable supply of biomass. Other plant-based protein sources have annual crop cycles and are therefore more prone to the ever-increasing unpredictable weather patterns.” “In addition, lemna is a 100 times more efficient in producing protein compared ...

As advancements in cell-cultured meat take the revolutionary food tech from the lab to the dinner plate, a similar revolution could be underway in the fashion industry. Scientists have completed the world’s first in vitro hair follicle inseparably linked to collagen in order to cultivate cell-based fur and wool.  With the power to make the breeding of animals for fur obsolete, startups like Furoid SE are optimizing cutting-edge techniques to “bioprint” animal fur without any cruelty to animals. The team has developed a system in which multiple single stem cells are brought together in the right conditions to spontaneously grow into a three-dimensional miniature tissue, which in this case would be a fur or wool follicle. Many countries and fashion brands are currently doing away with fur, under pressure from animal rights groups and sway in public opinion against the barbarity of the fur trade. However, as CEO of Furoid, Maria Zakurnaeva, pointed out to Innovation Origins; “Fur is the epitome of luxury, so there will always be people who want to show their status to the outside world.” The technology could not only make fur farms obsolete, but also has huge environmental benefits. The need for the pollutive processes of tanning and dyeing can be eliminated, as well as a move away from synthetic plastic-based materials. Researchers say the technology is still in its infancy but the sector could one day receive the same type of investment seen in the cell-based meat sphere.    ...

Plant Milk Innovator Bottles the Elegance of Pistachios with Two New Products ELMA, N.Y.–(BUSINESS WIRE)–Elmhurst® 1925, maker of simple, nutritious and incredibly delicious plant-based milks, today announced the expansion of its popular Creamers & Barista lines with its new Pistachio Crème Creamer and Pistachio Barista Edition products. Made with simple ingredients and no added gums or oils, these delectable new varieties are sure to add a touch of flavor to any cup of joe and are now available online at www.elmhurst1925.com; items will also roll out in-stores through October. Elmhurst’s Pistachio Crème Creamer is the perfect way to add a splash of decadence to your morning cup of coffee; oats and hemp are blended for a velvety richness, combined with real pistachios for a delicious, indulgent flavor, reminiscent of melted pistachio ice cream. With only 1g of sugar and half the fat of other oat creamers, this Pistachio Crème Creamer is the ultimate guilt-free indulgence. Elmhurst’s Pistachio Barista Edition is crafted with only six ingredients, including real pistachios, for a naturally indulgent taste. Rich and buttery, with a touch of sweetness, the new Pistachio Barista Edition delivers a creamy consistency that foams and froths flawlessly for any coffee beverage. “We’re excited to expand the innovation of our Creamers & Barista lines with the launch of our new Pistachio Crème Creamer and Pistachio Barista Edition,” said Heba Mahmoud, Senior Director of Brand Marketing at Elmhurst 1925. “Crafted with the help of real baristas and using only the simplest of ingredients, these ...

Swedish alt-dairy startup Stockeld Dreamery has raised €16.5 million (~$20 million) in a Series A funding round. The plant-based cheese producer will accelerate the scaling of its team and product portfolio as it moves forward in its quest to create “the world’s most ambitious cheese.”  Founded in 2019 by entrepreneur Sorosh Tavakoli and food scientist Anja Leissner in Stockholm, Stockeld Dreamery evolved around the core concept of creating cheese in new and innovative ways without animals. The new €16.5 million funding round was led by Astanor Ventures and Northzone, with Kale United among the investors. Known as Noquo Foods during their two-year R&D period, the startup rebranded to Stockeld Dreamery as it approached commercialization. It launched its first product, Stockeld Chunk – a feta style cheese based on peas and fava beans – in May 2021 and the new funding will be invested in product development as well as expanding the brand’s geographic footprint. In 2022, it will also relocate to a state-of-the-art pilot production plant in Stockholm.  In a previous interview with vegconomist, Sorosh Tavakoli stated: “For us, the main focus is to develop products that stand on their own feet and that can live on their own merits, beyond just being plant-based. We believe this will be key in accelerating the necessary shift.”    ...

Veg Capital, the UK vegan investment fund launched by Veganuary founder Matthew Glover, has completed a significant investment in Clive’s Purely Plants, the Devon-based producer of organic, plant-based pies. Veg Capital will now hold a majority share in Clive’s as it aims to ramp up production 400% and reach £10m in sales.  “This partnership has huge potential to further our mission of replacing animals in the food system, and we’re thrilled to be working together” – Matthew Glover  Known as an innovator of plant-based pies, as well as for its expanding range of vegan baked goods, Clive’s was founded in 1986 by Clive Lowe, who began selling the bakery’s signature ‘Creamy Mushroom Pie’ from the back of his bicycle. In 2020, the much-loved British pie-maker announced that its previously vegetarian range was to go entirely plant-based, and is currently stocked nationwide in Waitrose, Morrisons, and Ocado. It is also now exporting to the US, Australia, and Dubai.  After its recent investment in Brazilian chocolate company Super Vegan, Veg Capital – the non-profit vegan investment fund which donates all profits to animal charities – was attracted to Clive’s as a business that has been established for over three decades yet still remains agile with great potential in the growing vegan baked goods segment. Managing Director of Veg Capital Matthew Glover reports that the investment stems from the love that he and his wife Jane Land have for the products, which have been a mainstay for vegans throughout the UK for decades. ...

Hailing from Canada and recently rebranded from Globally Local, Odd Burger can hold the claim of being one of the world’s first vegan fast-food chains and the first to go public. With its fresh new look and expansive plans for the future, Odd Burger is a fast-food brand that always has one eye on the bigger picture. Vegconomist got together with Co-Founder and CEO James McInnes to talk food tech, franchising, and the vegan fast-food future. First of all, could you explain the process behind your recent rebranding to Odd Burger? The process took over a year to develop and roll out, and included trademark registrations, domain name registrations, social media handle changes, as well as all-new packaging, store design and signage. It’s a daunting task, but we worked with a fantastic branding company out of Toronto called Concrete Design Communications, which assisted us in creating our new brand. The reasons behind the rebrand were twofold. One, we wanted a brand that would better explain what we do and who we are. Two, we were unable to use our old brand in the U.S. market due to trademark restrictions, so we had to change our name anyway to enter the U.S. market. How many restaurants do you currently have operational and where? How many customers are you serving? We currently have four locations operational in the province of Ontario including Toronto, Windsor, Vaughan and London. We also have locations in Waterloo and Hamilton under construction that will be operational in ...