Tiger Brands’ Venture Capital Fund has made its first investment in Herbivore Earthfoods, a Cape Town-based business specialising in manufacturing and selling plant-based and vegan products.
“The African plant protein market, of which South Africa represents 57%, is estimated to grow at a compound annual growth rate [CAGR] of 6.5% to $560 million [roughly R8 billion] by 2030,” said Tiger Brands, noting that the plant-based and vegan products market is expected to grow by over $162 billion by 2030.
Tiger Brands Venture Capital Fund has become a minority shareholder in the business, alongside private equity firm Secha Capital.
The listed company noted that consumers in South Africa are driving increased interest in a wide range of plant-based products, in line with global trends.
“This is a compelling opportunity, where we are very proud to back innovative entrepreneurs. We are inspired by the team’s underlying desire to improve eating habits and change the current food system for the better,” said Barati Mahloele, Venture Capital Fund director at Tiger Brands.
Founded in 2014, Herbivore Earthfoods aims to make healthy, plant-based foods accessible and affordable in South Africa.
The company said that in partnership with Tiger Brands and Secha Capital, it will be able to capitalise on current and future trends in the plant-based food and food technology space.
Launched in 2021, Tiger Brands Venture Capital Fund invests in businesses across Sub-Saharan Africa that offer healthier alternative eating options in line with health and nutritional trends as well as economical food options.