Online premium retailer Immaculate Vegan has secured GBP£400,000 (approx.US$549k) in its first investment round. The capital raised will help drive the platform’s growth and launch digital campaigns to target new consumers.
Supporting a sustainable economy
London-based Immaculate Vegan’s first funding round brought the support of investors like SFC Capital who has backed another London Startup Jack & Bry, producers of jackfruit alternative meat products. Other investors include Bran Investments, and Beyond the Polaris.
100% vegan products
Annick Ireland launched the company in October 2019 after tirelessly looking for premium vegan brands without any luck. Initially, the business started as a blog and is now a curated collection of 1500+ vegan products across 130 fashion, beauty and lifestyle brands like Gunas New York, Collection And Co, Nina Rein, Taiyo and Gentleberg.
All the products are cruelty-free and the company further focuses on favouring products using sustainable materials and packaging. To limit its carbon emissions, the items are shipped from the brand itself.
Immaculate Vegan has recorded sales increases at least three times or even more year-on-year. In Q2 of 2021, it had its highest sales ever, ahead of targets.
In a statement, Ireland said: “We are delighted to have successfully raised our first investment round and brought on board some wonderful investors with a great track record of success, who can help take Immaculate Vegan to the next stage. We have seen tremendous growth in the vegan food industry over the last few years, and we firmly believe that vegan fashion is next.”
We have seen tremendous growth in the vegan food industry over the last few years, and we firmly believe that vegan fashion is nextAnnick Ireland, founding director, Immaculate Vegan
Expand to new markets
At the moment, the business offers products to consumers based out of the U.K., U.S., and Europe. It plans to use the raised capital to develop its platform and unveil digital marketing initiatives on a large scale to reach out to new consumer markets.
The vegan fashion industry is booming, especially given that the market for womens’ fashion was worth US$396.3 billion in 2019 alone and is predicted to soar at a CAGR of 13.6% from 2020 to 2027. This is due to the increasing demand from consumers for sustainable brands with a U.S. poll showing that over 8 in 10 consumers highly value brands that are planet-friendly.
Lead image courtesy of Immaculate Vegan.