Outcast Foods, a Canadian food technology company tackling food waste, has raised CAD 10 million ($7.9 million approx.) in a financing round.
The round included a CAD 5 million ($3.9 million approx.) equity investment from District Ventures Capital, with BDC Capital providing the remaining CAD 5 million.
Established in 2017, Outcast diverts food waste from landfill and turns discarded fruit and vegetables into ‘nutrient-dense’ food products. These include its line of Plant Strong protein powders and dietary supplements, as well as plant-based ingredients for applications spanning industries including pet food and agriculture.
The company’s food upcycling technology makes use of rejected, surplus or out-of-date produce from farms, food processors and grocers across Canada, which supply an average of one million pounds of daily food waste. Outcast currently operates from a facility in Dartmouth, Nova Scotia, and plans to scale ‘significantly’ in 2021.
“We saw the giant issue of food waste as an opportunity to create a new category in the growing supplement industry,” said Darren Burke, co-founder and CEO of Outcast Foods.
“All we needed to do was figure out how to transform waste stream food into high-purity, nutrient-dense, long-shelf life natural health products.”
TJ Galiardi, co-founder of Outcast Foods, said: “We have created a win for everyone in the supply chain with Outcast. Retailers not only cut costs associated with hauling unsold produce away to the landfill, but there’s also a reduction in carbon footprint, and customers enjoy delicious and sustainable products. We’re ready and excited to scale our operations with our new partners.”
Arlene Dickinson, general partner of District Ventures Capital, added: “We are pleased to support a company that not only addresses the problems of food waste but is creating a future world rooted in sustainable food production.
“We’re excited to partner with Outcast with our investment as they prepare to scale their sustainable plant-based technology.”
District Ventures Capital recently invested in organic sparkling tree water company, Sapsucker.
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