Photo: Contributed
One of Canada’s largest online vegan marketplaces is buying one of the U.S.’s largest online vegan marketplaces.
Vejii, which is based in Kelowna, has purchased Vegan Essentials for US$1.4 million and plans to take the company public.
“We believe that Vejji’s acquisition of Vegan Essentials, announced today, provides an established asset to accelerate growth within the growing plant-based market and will solidify Vejii as the market leader for online plant-based sales within the U.S.,” Vejii CEO Kory Zelikson said in a press release.
“Essentials joins the Vejii family with a loyal customer base, established supplier relationships, and distribution channels that will not only enhance Vejii’s ability to continue scaling in the US, but also help grow Vegan Essentials’ reach with Vejii’s enhanced tech stack and marketing experience.
“Vejii will leverage over 20 years of consumer insight and data from VeganEssentials.com, as the online grocery market has the potential to exceed traditional retail shopping over the long-term and will help fuel our growth for years to come.”
Vegan Essentials brought in $3.6 million in revenue last year for a profit of approximately $785,000. The companies will combine purchasing, resources, technology and warehouses to cut back on costs.
“Vejii’s acquisition of Vegan Essentials is not only a significant milestone for the company, but for the plant-based market as a whole,” Vegan Essentials co-founders Ryan Wilson and Mary Ernster said.
“With this acquisition, we believe Vejii is poised to leverage the rapid growth of the plant-based online retail market, driven by consumer demand, access to new products and the largest selection of plant-based products in one place.”
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