Abillionveg Secures Largest Seed Funding for a Social Impact Startup in Singapore

abillionveg
©abillionveg

abillionveg, a social impact platform operating within the plant-based movement, has today announced that it has secured US $2 million in seed funding led by California-based venture fund 500 Startups, bringing the company’s total funding to $2.6 million. The company’s investors include New York-based 1/0 Capital, Zurich-based Blue Horizon Group, Singapore-based Calibre Ventures.

Founded in Singapore, abillionveg is a community-driven review platform that helps people across the world find and share insights about plant-based menu items, packaged foods and cruelty-free consumer products. abillionveg’s members earn credits when they post reviews, which convert into donations for animal and marine life welfare organizations. The company also sends consumer reviews to businesses, helping them improve and introduce more sustainable options.

abillionveg
©abillionveg

Vikas Garg, Founder and CEO of abillionveg said the purpose-driven business has a goal of helping a billion people join the plant-based movement by 2030 and of donating US $1 billion dollars to support animal welfare and education causes. The company plans to donate $1 million in 2020.

“Our focus is on building a community to help us achieve the $1 million milestone by the end of 2020. Our funding will be used to accelerate our efforts in recruitment, technology, and growing our community to achieve this,” Mr Garg said.

Since its launch in May 2018, 50,000 reviews have been posted across 30,000 vegan dishes and more than 8,000 consumer products in 90 countries with 40 – 50 per cent growth monthly. “These trends represent a gap in the market and an opportunity for abillionveg. Our platform gives a voice to a consumer demographic seeking to practice conscious consumerism and that includes what’s on their plate and the products they use every day,” he said.