The German plant-based brand Veganz has revealed it is planning an IPO soon in the Frankfurt Stock Exchange (FWB). With this expected move, this company, which runs the first vegan supermarkets in Europe, is hoping to raise around €50 million.
Veganz was founded in 2011 by Jan Bredack, a former senior manager at Mercedes Benz. It now offers many plant-based products across 17 categories, and it is doing very well. Its revenue increased by 35% to about 13.1 million euros in 2020.
Mr. Bredack said: “We see a positive momentum for purely plant-based food products driven by several trends like the rising consciousness of food sustainability and for animal welfare. But also the aging of younger generations plays an important role since the number of vegetarians and vegans as well as flexitarians is particularly high in the younger generation. Therefore, we believe that we have multidimensional growth potential and that now is the right time for Veganz to go public”.
I remember how impressed I was when I first visited one of the Veganz supermarkets in a fully vegan avenue in Berlin about seven or eight years ago. They have several now, spreading out over the three districts of Friedrichshain, Kreuzberg and Prenzlauer Berg. At the time, the concept of a big 100% vegan supermarket was quite new (they were the first in Europe), so they were trailblazing in that department.
They also have a store in Prague. For years rumors circulated that one of them would open where I live, London, UK. But it did not happen, allowing other small vegan supermarkets to open instead. This is because the company changed its strategy, transitioning into a wholesaler, and starting its own production in 2015. Since 2016, Veganz’s main business consists of distribution and wholesale, with a small remaining side business of the three supermarkets in Germany and the one in the Czech Republic. Veganz is one of the few companies worldwide that offers a full range of vegan products (sweets, alternatives to meat, fish and cheese, protein products, breakfast items, chilled and frozen food, etc.). A total of 120 of their own products. If going public is a success, they said they plan to build a new 10,000 square meter production facility, and they will attempt to enter new European markets.