Abillionveg is a Singapore-based reviews and recommendations platform. However, the platform only provides reviews for vegan-friendly food, restaurants, and products. Abillionveg acquires $2 million in a seed round led by US-based 500 Startups.
By that investment, the company’s total funding increases to $2.6 million. Abillionveg’s other investors include New York-based 1/0 Capital, Zurich-based Blue Horizon Group, Singapore-based Calibre Ventures. Other than that, family offices across Asia and the US. John Wood, an author and the founder of nonprofit organization Room to Read have also become an investor and advisor for the startup.
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Abillionveg will use the fund to accelerate its effort in recruitment, technology, and growing its community.
Abillionveg
Through its platform, Abillionveg allows the user to earn credits by posting reviews. The credits, later, can be converted to donations for animal and marine life welfare organizations.
According to the startup’s founder and CEO, Vikas Grag, they aim to help a billion people join the plant-based movement by 2030. Besides, the startup has also donated $1 billion to support animal welfare causes.
Other than that, the startup plans to donate another $1 million in 2020.
The startup launched in May 2018. Since it launched, it has gathered 50,000 reviews. Those reviews are from 30,000 vegan dishes and more than 8,000 consumer product.
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Besides, the startup has operated in 90 countries, as it claimed. Moreover, the startup also mentions that it has experienced a 40% to 50% growth per month in Singapore, Hong Kong, Australia, Canada, the US, and the UK.
According to Grag, the startup significant growth is driven by increasing market demand for sustainable options. He also added that approximately 5% of the world’s population or 400 million people identify as vegetarian. Therefore, it aims to increase the number to 10% to 15% higher.
