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Canadian protein shake brand Good Protein has secured CAD 128 million (approx. $90 million) in investment to support its domestic growth, product development and international expansion.
The funding was led by growth equity platform SEMCAP Food & Nutrition, alongside a consortium of Canadian investors including Farm Credit Canada, Roynat Equity Partners and Fondaction. Del Monte Corporation also supported the deal as a strategic investor.
Founded by Edward Lalonde in 2019, Good Protein produces non-dairy, clean-label protein shakes. The business has grown from a one-person operation into one of Canada's fastest-growing grocery brands, with its products now available in more than 4,500 stores nationwide. The company also operates a direct-to-consumer e-commerce business.
The investment will be used to strengthen Good Protein's presence in Canada, develop new products and support expansion into additional markets.
Kate Storey, partner at SEMCAP Food & Nutrition and head of its Vancouver office, said: “Protein shakes used to live in the gym and the supplement aisle. Good Protein moved them into the family grocery cart and made them accessible with a clean, nutrient dense, delicious product that people genuinely want to drink every day. That is exactly the kind of consumer shift we invest behind."
“Our job is to bring our experience, connections, and capital and keep Edward connected to people who can help him achieve his vision at scale.”
John Haugen, managing partner of SEMCAP Food & Nutrition, commented: “While Good Protein has already crafted a strong brand and leadership position, we see significant headroom, especially for a product so in step with today’s health-minded consumer".
“During our team’s decades of work in the food space we’ve seen what happens when a founder-led brand with real consumer loyalty gets the right operating support behind it. Good Protein has that same profile, and we’re proud to partner with FCC, Del Monte Corporation and other Canadian-based investors to facilitate the brand's next stage of growth.”
SEMCAP has previously invested in several better-for-you food brands, including natural food company Purely Elizabeth and cultured dairy producer Good Culture.
Lalonde will continue to lead Good Protein as founder and CEO, alongside the existing management team. They will also retain the majority of their existing ownership following the investment.
Lalonde added: “We’re incredibly proud of the momentum Good Protein has built in Canada and the trust we’ve earned from our customers. This partnership with SEMCAP marks an exciting next chapter, bringing not only capital but deep retail expertise, valuable relationships and access to new markets and talent."
"Together, we see tremendous opportunity to expand our reach while staying true to the products, quality and values that have made Good Protein successful from day one.”
