VANCOUVER — TMRW Foods, a Canadian producer of plant-based proteins, raised $2.6 million in seed funding.
Investors for the round included Greg Blake, co-founder of Daiya Foods; Eric Patel, director at Fresh Prep; Richard Cooperstein, chief executive officer and senior managing partner of Media Investment Group; and the Milne Group, owners of Virtuous Pie, Mila and Harken Coffee.
Founded in 2018 by CEO Dean Blignaut, TMRW Foods offers a range of plant-based proteins featuring a blend of kidney beans, yellow split peas and quinoa. Its lineup includes TMRW Burgers, TMRW Breakfast Patties, TMRW Ground and four flavors of TMRW Sausage. The company recently added a line of TMRW Shreds made with a newly developed proprietary protein, marking its first foray into the gluten-free market. The products are sold in retailers across Canada and through a local delivery platform in lower mainland Vancouver.
Financing from the $2.6 million seed round will fund further product innovation, North American expansion and increased efficiency of the company’s current production lines, Mr. Blignaut said.
“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,” he said. “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.”
TMRW is aiming to build on the momentum it experienced throughout the COVID-19 pandemic, which saw the company triple its distribution points from the end of 2020 to the first quarter of 2021. Mr. Patel, who previously was director of SmartSweets and chairman of the board at Daiya Foods before joining Fresh Prep, will take on an advisory role at TMRW.
“Dean and his team have a unique approach to plant-based proteins, and their products really stand out,” Mr. Patel said. “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.”