When COVID-19 and lockdowns sparked a rise in interest in plant-based diet, one Canadian startup was well-positioned to capitalize.
Vegano Foods, situated in Vancouver, has quickly established itself as a plant-based powerhouse by providing nutritious meal boxes and a rapidly expanding online marketplace. Last year, the brand received $4.2 million in an oversubscribed Series A, and its meteoric rise led to a listing on the Canadian Securities Exchange (Symbol: VAGN.)
Vegano is Canada’s first 100% plant-based meal delivery service, which began in March 2020. According to the Financial Post, Vegano achieved $271,000 in sales in its first eight days after opening, led by founder and CEO Conor Power.
To satisfy the huge demand, the brand expanded to a 5,000-square-foot facility in Richmond, British Columbia, within two months. Vegano began by selling meal prep kits, but after receiving positive feedback from customers, the company quickly shifted its focus to ready-to-eat meals that did not require substantial cooking.
Bacon Mac ‘n Cheese, Spaghetti and Meatballs, Vietnamese Zoodles, and Coconut Yellow Lentils are among the 12 heat-and-eat items on the menu. Vegano presently services the whole Metro Vancouver area as well as Vancouver Island, with ambitions to expand to Toronto, Montreal, and Los Angeles in the near future, according to the company.
The All-in-one Solution
Vegano launched an integrated online marketplace in 2021, fueled by the success of its meal boxes, which has quickly grown to offer thousands of products. Vegano claims that the site blends the pleasure of boutique grocery shopping with a seamless e-commerce experience, including companies such as The Very Good Butchers, TMRW Foods, Sol Cuisine, and Gusto Meats.
According to Power, the brand uses outside logistic and delivery providers to avoid maintaining inventory. It reportedly increased its product selection from 500 to 10,000 SKUs in a year.
Vegano claims that the company is well on its way to becoming a big leader in the market, thanks to its recent CSE listing.
“My hope is that we’re able to offer a strong investment vehicle for people who believe in the plant-based sector, who want to come along for the journey… and we’re looking to grow,” Power stated.
Source: “Meet Vegano – Canada’s Rising Meal Box and E-Commerce Phenomenon” by vegconomist