South African consumer goods firm Tiger Brands has announced the investment in Herbivore Earthfoods, a producer of plant-based and vegan products.
According to sources, Herbivore Earthfoods produces a vast range of alternative dairy and meat substitute products. This investment will allow Tiger Brands to reach new consumers looking for products that are healthier, with high nutritional benefits, and plant-based meat products, a type of product that has been high in demand in South Africa.
“[Our investment] is a compelling opportunity, where we are very proud to back innovative entrepreneurs…Our partnership with the Herbivore team will involve leveraging each other’s combined strengths to achieve their growth strategy and to push the boundaries of an affordable and healthy alternative product offering to consumers,” said Barati Mahloele, Venture Capital Fund director of Tiger Brands.
Tiger Brands is South Africa’s largest food company and owns brands such as Airoma, Beacon, and Doom and recently launched a venture capital fund with Secha Capital.
Sources: Vegconomist / News24