New School Foods has successfully raised $6 million in funding to support the launch of its innovative plant-based salmon alternative products in both the US and Canada.
The Toronto-based company announced that notable investors, including Inter IKEA Group, Good Startup, NewTree Capital, and Hatch, participated in this seed extension funding round.
This latest funding boosts the company’s total to $18 million, following its prior achievement of raising $12 million last year.
New School Foods also has opened a state-of-the-art 28,000-square-foot commercial facility in Toronto dedicated to producing its whole-cut salmon alternative. This facility features a “V1 Commercial Assembly Line” designed to replicate muscle fibers and connective tissue, mimicking the texture and experience of real seafood and meat. Additionally, it houses a scientific research lab, an engineering lab, and a business operations team, fostering “efficient cross-collaboration toward the goal of developing whole-cut plant-based products that resemble seafood and meat in appearance, cooking characteristics, flavor, and texture.”
Chris Bryson, CEO of New School Foods, expressed his enthusiasm: “We are delighted to gain the support of IKEA, a world-renowned brand, operator, and leader in the plant-based space.” He added, “The response to our initial tastings with chefs and restaurants across the US and Canada has been incredibly positive.”
As part of IKEA’s commitment to the food and beverage industry trends, the retailer has expanded its plant-based product lineup in recent years. Notably, IKEA aims to make 50% of its main menu in restaurants plant-based by 2025.
Robert Carleke, innovation ventures manager at Inter IKEA, remarked, “New School Foods is a true pioneer in the alternative protein industry, and we were impressed by the team, their products, and the production technology they’ve developed. We are curious to explore and learn more about the potentials for plant-based alternatives.”
This focused approach to innovation positions New School Foods at the forefront of the food and drink business, capturing the attention of both investors and consumers who are increasingly interested in food and drink consumer trends.
In conclusion, the growth and support for New School Foods indicate a robust interest in the alternative protein market, highlighting a significant shift towards sustainable food options that not only meet consumer demands but also align with broader industry goals.