PIC invests in Merit Functional Foods and partners

Plant-based protein maker Merit Functional Foods, in consortium with Pitura Seeds and The Winning Combination, has received a co-investment from industry-led, not-for-profit organisation Protein Industries Canada (PIC).

As one of Canada’s five innovation superclusters, PIC has committed to making Canada a global source of high-quality plant protein ingredients.

PIC CEO Bill Greuel said: “This project is a great example of why the Innovation Superclusters Initiative was created. The consortium consists of businesses from across the value chain coming together to create new products not currently produced anywhere else in the world.

“This will increase the demand and value of some of Western Canada’s biggest agricultural commodities, peas and canola, and create new products to sell to customers across the globe.”

Merit intends to use the funding from PIC to further expand its new and disruptive plant protein technology and meet the growing demand for plant-based proteins, such as pea and canola.

For developing plant-based products, Merit makes use of Burcon NutraScience’s protein extraction technology.

With the investment from Canadian not-for-profit organisation Merit expects to create new employment opportunities as well as increase its efficiency. Merit also aims to reduce energy consumption in order to reduce the company’s carbon footprint.

Merit co-CEO Ryan Bracken said: “This investment is exciting and empowering for Merit as it grows as a company.

“It is helping us overcome many of the hurdles that new companies typically experience and, instead, unlocking numerous opportunities for us – including job creation, technology expansion, and more.”

Merit is constructing a new facility, which will be used for the production of non-GMO canola protein.

Once completed, it expects the new facility to create a new revenue stream for canola grown in Western Canada. Its partnership with Pitura Seeds of Domain, Manitoba, covers the development of best practices in pea and canola genetics. It expects its partnership with Manitoba Food Development Centre to help it analyse how potential uses for its byproducts.