Brazil’s Novah! has become the third company to secure funding through the plant-based equity crowdfunding platform Vegan Business. The cashew cheese brand raised R$600,000 ($120,400) in just nine hours, with participation from 108 investors.
Novah’s current portfolio includes five varieties of plant-based cheese (mozzarella, provolone, fresh, cheddar, and cottage cheese) and three cheesecakes (red fruits, coffee with ganache, and passion fruit). The brand intends to use the new funding to expand within the state of São Paulo by growing its team, increasing production, improving marketing efforts, and more.
Vegan Business claims to be the first and only exclusively plant-based equity crowdfunding platform to be approved by the Brazilian Securities and Exchange Commission. Founded by vegan investor Christian “Crica” Wolthers, its aim is to “connect plant-based startups with people looking to invest in businesses that are building a better and more viable world for us, animals and the next generations”.
Wolthers is also an advisor for UK-based vegan investment fund Veg Capital, and last year helped the fund make its first Brazilian investment in chocolate brand Super Vegan. Since half of Brazilians are believed to be cutting down on animal products, the number of plant-based businesses in the country is sure to increase in the coming years, making platforms such as Vegan Business increasingly important.
“Vegan Business literally gave us a hand and is making it possible, not only through the operationalisation and execution of the fundraising round, but also through the support network (mentoring, networking — the well-known Smart Money), as well as the possibility of taking our purpose in a more qualified and exponential way to more and more people who need inclusive alternatives,” said Novah! CEO Lisiane Oliveira.