Peruvian Veef, a plant-based food startup in South America, has raised $320,000 in its first funding round, led by US-based venture capital investors. This round included contributions from Ahimsa Foundation and Sustainable Food Ventures, along with a non-dilutive government grant from ProInnovate Peru.
Founded by Karina Zegarra, with a focus on affordable, locally-made plant-based meat alternatives, the company has developed a range of 11 products inspired by Latin American cuisine, including beef, chicken, cold-cuts, and traditional Peruvian dishes like anticucho and grilled chicken. According to the company, these products are competitively priced at less than half of some imported alternatives.
[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]”Our goal: to become the top alternative-protein company in Peru by 2024″[/perfectpullquote]
The company has established a significant presence in the local market, with its products available in over 70 stores and leading sales at Peru’s specialty store chain, Organa. Peruvian Veef aims to use the new funds to expand its foodservice and retail operations throughout Peru and into other Latin American countries, including Chile, Colombia, and Mexico.
US capital investments
Linda Obregon, co-founder and CSO of Peruvian Veef, states, “We are thrilled to have Ahimsa Foundation leading this round of investment. Their expertise and track record in the industry align perfectly with our vision to create sustainable and impactful solutions for the food industry.”
Ahimsa Foundation, known for its investments in top food-tech startups like Eat Just, Odd Burger, and Impact Food, sees potential in Peruvian Veef’s approach. Sustainable Food Ventures, led by investor Ryan Bethencourt, also participated in the funding round. Bethencourt’s previous investments include The Not Company, Finless Foods, Clara Foods, and Memphis Meats.
Zegarra noted, “We are grateful for the trust of Sustainable Food Ventures and Ryan Bethencourt. Their commitment to sustainable food and companies that scale resonates with our goal: to become the top alternative-protein company in Peru by 2024.”
Market growth in LATAM
According to projections from Triton Market Research, the Latin American market for plant-based meat is poised for significant growth at a CAGR of 10.54% between 2023 and 2030. Despite high per-capita chicken consumption in Peru, the company claims the market for plant-based alternatives remains largely untapped.
Peruvian Veef’s products are distinguished by proprietary production processes and unique texturing methods, enhancing both texture and nutritional quality without relying on complex machinery. This approach ensures a consistent, scalable, and appealing product that stands out in the market.
In addition to private investments, Peruvian Veef received government funding through the Startup Peru competition by ProInnovate Peru, further supporting its growth initiatives.
