Plant-based producer Sol Cuisine has closed a CAD 10 million ($7.6 million approx.) equity financing round led by BDC Capital’s Industrial Innovation Venture Fund.
Other participants in the round included existing investors EDC, New Acres, InvestEco, Planted Power, chairman Mike Fata and CEO John Flanagan.
Founded in 1996, Sol Cuisine claims to have launched one of the first organic tofu products in Canada. The company, which supplies both retail and foodservice channels, has a manufacturing facility and research and development (R&D) lab in Mississauga, Ontario.
The company’s portfolio includes burgers, balls, bites, sausages, fillets and roasts, and can be found at over 4,000 locations, including Whole Foods, Albertsons, Metro and Loblaws stores.
According to Sol Cuisine, the capital raised in its latest funding round will enable it to continue expanding its product innovation and distribution.
“Sol Cuisine is thrilled to partner with BDC Capital,” said CEO John Flanagan.
“This investment combined with our talented management team and newly expanded SQF GFSI certified manufacturing facility will enable us to share Sol Cuisine’s exceptional products with more consumers, or as we like to say, our Sol Mates.”
Jonathan Goodkey, principal with the BDC Capital Industrial Innovation Venture Fund, will be joining the Sol Cuisine board of directors.
His colleague Joe Regan, managing partner, Industrial Innovation Venture Fund, said: “BDC Capital is excited to invest in Sol Cuisine. Consumers’ interest in plant-based protein foods continues to increase and we believe that Sol Cuisine is well positioned for continued rapid growth.”
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