VegTech: New index that tracks the global list of publicly traded plant-based stocks launched
A new index that tracks the global list of publicly traded plant-based stocks has just been published, providing users with a quick and easy way to get a sense of the burgeoning industry. VegTech, The Global Vegan Impact and Innovation Index (VEGT), nicknamed the "vegan Dow Jones," currently includes 21 businesses and will update monthly on investment sentiment and industry wellbeing.
VegTech, which debuted on Monday (March 1), is made up of 21 international companies, including two SPACs (or blank check companies), and monitors the stocks of publicly traded plant-based companies in a simple figure that shows the market's overall health. VegTech was founded by Elysabeth Alfano, founder of Plant Powered Consulting, and investor Sasha Goodman, who wanted to build a stock portfolio that was completely free of animal products and could track the industry's growth and developments.
Beyond Meat, Israeli cultured meat startup Meat-Tech 3D, plant-based blank check firm Natural Order Acquisition Corp., and climate-forward companies including Tesla and indoor farming tech enterprise AppHarvest, which recently invited former Impossible Foods CFO David Lee to manage its strategy and operations, are among others on the list.
There's also SavorEat, an Israeli food tech company that 3D-prints plant-based meat, NextMeats, a Japanese company that recently made headlines for debuting the world's first vegan yakiniku barbecue steak, and The Very Good Food Company, which owns The Very Good Butchers and recently bought The Cultured Nut.
Companies must follow two conditions in order to be included in the index. To begin, they must work toward animal-free advancements or an alternative to an economy dependent on animal production, and they must not be engaged in the production of animal products, animal testing, or the displacement of wildlife.
The index, which starts at 1000, is currently in beta mode, and is up 6.55% for the month of February to 1312. VegTech was valued at 1231 in January, up 23.11 percent from the previous month. VegTech will have regular updates on the market-weighted list's gains and losses.
Alfano wrote on her website about the index's launch, saying she wanted to create it to "reflect a burgeoning industry bent on innovating for progress for the good of people, the planet and animals".
Alfano also hopes that the index would “encourage companies that are close to being included, but have not yet fully dropped meat or dairy, to consider [the] same”.
In a social media post, VegTech says that the index serves users who are “looking for a simple way to understand the health and invest-ability of the publicly traded, plant-based sector”, describing the platform as a “vegan Dow Jones”.