Gut-friendly food producer Fody Food Co. has raised $8.5 million in a financing round led by District Ventures Capital and Export Development Canada (EDC).
Founded in 2016, Fody offers a range of vegan and gluten-free food products, made using ingredients that it says promote gut health.
All the company’s products are reportedly free from any of the triggers commonly associated with digestive discomfort, such as onions, garlic and lactose, and are Monash-certified low FODMAP.
As well as District Ventures and EDC, Fody’s latest financing round was backed by previous investors New Acres Capital and Jonathan Ross Goodman.
Fody – which currently sells its products online and in grocery stores – says that the new funding will enable it to accelerate distribution growth across North America and expand its marketing activities.
“At Fody, we want the millions of Americans suffering with digestive distress to be able to enjoy all the foods they love without the worry,” said Fody Foods founder and CEO Steven J. Singer, who also co-founded gluten-free brand Glutino.
“With the incredible support of our new investors, Fody will be able to accelerate our momentum and bring delicious, gut-friendly foods to people everywhere.”
Arlene Dickinson, general partner of District Ventures Capital, said: “Fody, a B Corp-certified company, is led by an experienced entrepreneur, focused on providing clean, gut-healthy foods to aid the millions of people suffering from digestive issues. We’re excited to invest in them and see their business continue to grow in North America and beyond.”
Carl Burlock, executive vice president and chief business officer at EDC, added: “Fody Foods is at the forefront of the rapidly evolving digestive health industry, and the company has demonstrated its ability to develop unique high-value products for a growing market. EDC is proud to offer further support to this innovative Canadian company, and we look forward to seeing them expand internationally.”
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