Canada-based Sol Cuisine closes equity financing round

Canada’s gourmet plant-based food products manufacturer Sol Cuisine has completed a $10m equity financing round led by BDC Capital’s Industrial Innovation Venture Fund.

The funding round saw the participation of existing investors EDC, New Acres, InvestEco, Planted Power chairman Mike Fata and Sol Cuisine CEO John Flanagan.

Flanagan said: “Sol Cuisine is thrilled to partner with BDC Capital. This investment combined with our talented management team and newly expanded SQF GFSI certified manufacturing facility will enable us to share Sol Cuisine’s exceptional products with more consumers, or as we like to say, our Sol Mates.”

Established in 1996, Sol Cuisine produces plant-based products, introducing one of the first organic tofu products in Canada.

It operates a manufacturing facility, as well as research and development lab in Mississauga, Ontario, Canada.

The company claims that all its plant-based products such as burgers, balls, bites, sausages, fillets and roasts contain all non-GMO ingredients.

The company’s products are currently available across more than 4,000 locations, including Whole Foods, Albertsons, Safeway, Target, Kroger, Loblaws, Sobeys and Metro.

The company will use the capital raised in the new funding round to continue expanding its product innovation and distribution capabilities.

BDC Capital Industrial Innovation Venture Fund managing partner Joe Regan said: “BDC Capital is excited to invest in Sol Cuisine.

“Consumers’ interest in plant-based protein foods continues to increase and we believe that Sol Cuisine is well-positioned for continued rapid growth.”

As part of the deal, Innovation Venture Fund principal Jonathan Goodkey will join the company’s board of directors.