Canadian plant-based food innovation startup TMRW Foods raises $2.6m in seed round funding
TMRW Foods, the growing Canadian plant-based food innovation company, announced a seed round investment of $2.6 million.
Investors for this fundraising round include Greg Blake (Daiya co-founder), Richard Cooperstein (CEO & Senior Managing Partner of Media Investment Group, former Senior Executive at Disney's Worldwide Television Group, Paramount Pictures & Facebook), Eric Patel (Director at Fresh Prep, former Director at Smart Sweets, former Board Chairman at Daiya), and the Milne Group (owners of Virtuous Pie, Mila and Harken Coffee), who have increased their stake in the company.
TMRW's mission is to redefine protein for the masses by creating protein with more flavour, nutrients and variety than any protein available today. Financing from this round will fund further product innovation, North American expansion, and increased efficiency of current production lines.
TMRW's Canadian growth saw the brand strengthen its position in its core markets of Vancouver and Victoria throughout 2020, and enter new markets including Toronto, Ottawa, Calgary, and Edmonton in Q1 and Q2 of 2021. Current retailer accounts include grocery chains such as Whole Foods Market, Save-on-Foods and Healthy Planet, as well as local independent grocers.
TMRW's innovation of plant-based proteins continues with the highly anticipated launch of TMRW Shreds, the company's first foray into the gluten-free market. This shredded protein is a unique and versatile product made with their newly-developed proprietary protein, and is aimed at filling in the gap for flavourful and easily prepared plant protein made from simple, good-for-you ingredients.
Dean Blignaut, Co-founder and CEO, TMRW Foods: "We're excited to keep challenging the status quo, to reimagine how to feed people today and tomorrow, to keep unlocking the full potential of plants. As much as raising capital at this time will enable us to execute on our growth strategy, it's just as much about surrounding ourselves with the right people and building a core group of stakeholders that are tremendously skilled in facets of the business that we want to focus on. The value and wisdom gained from these stakeholders will enable us to take the next step in the evolution of TMRW - to take what we have built to new heights."
Plant-based protein is a rapidly growing industry globally, and having a homegrown Canadian contender in this space has made TMRW an exciting brand to consumers and retailers alike.
Eric Patel, new TMRW investor who has also taken on an advisory role at TMRW: "Dean and his team at TMRW have a unique approach to plant-based proteins, and their products really stand out. I love that he wants to build the business the right way - focusing on the fundamentals and building a structure and culture for the long term."
The current TMRW Foods product lineup includes TMRW Burgers, TMRW Breakfast Patties, TMRW Ground, 4 flavours of TMRW Sausages, and 4 flavours of the newly-launched TMRW Shreds. All products are 100% plant-based, soy-free, and non-GMO.