Whole roasted bean snack brand, Three Farmers Foods, has closed a CAD 6.2 million investment round.
The round was led by District Ventures Capital, which invested CAD 3 million, and saw participation from existing investors including Export Development Canada, Golden Opportunities Fund and PIC Investment Group.
The Canadian snack brand says it uses locally sourced pulses from the Canadian prairies to create better-for-you, plant-based products that are high in protein and fibre, gluten-free, nut- and peanut-free and vegan. The brand uses a proprietary dry roasting technique to develop snacks that have a lower level of fat “compared to competing brands”.
Arlene Dickinson, general partner of District Ventures Capital, said: “Canada continues to demonstrate its enormous agricultural and health expertise and resources. Investments in vertically integrated companies like Three Farmers are what will create generational opportunity for our country. As leading producers for lentil and green pea production in the world, Canada is missing out by not participating in the commercialisation of these resources into products – a gap Three Farmers is able to help fill.”
The company’s five product lines are currently sold in retailers across Noth America, including stores such as Loblaws, Sobeys, Whole Foods and Walmart.
“We are very excited to welcome District Ventures as a partner in Three Farmers Foods. Armed with the resources required to build our brand and distribution across Canada and the USA and expand our manufacturing in Saskatchewan, we will be able to continue to push towards our goal of making whole bean snacking a staple in all households across North America,” said Three Farmers CEO Natasha Vandenhurk.
She continued: “Now, more than ever, consumers are relying on brands like us to provide them with healthy, wholesome foods that truly deliver on the promise of nutrition while still satisfying the need for big crunch and flavour”.
The investment will support Three Farmers’ continued growth in Canada, and provide sales and business development support for the company’s US expansion plans.
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