New School Foods, a pioneering company in the alternative protein industry, recently secured an additional $6 million in a seed extension round. This funding came from prominent global investors, including Inter IKEA Group, Good Startup, NewTree Capital, and Hatch. The round elevates the total capital raised by the company to $18 million, underscoring its significant momentum within the growing plant-based food sector.
Investment Partners and Sustainability Goals
The investment from Inter IKEA Group reflects the company's commitment to sustainable food solutions. IKEA has set ambitious targets for its global restaurants, aiming for 50% of main meals to be plant-based by 2025. This partnership with New School Foods aligns with IKEA’s broader mission to expand plant-based offerings in its food division, which includes popular items like vegan meatballs and hot dogs.
Robert Carleke, innovation ventures manager at Inter IKEA Group, emphasized New School Foods’ innovative approach, particularly its plant-based seafood products that closely mimic the taste, texture, and nutritional profile of traditional seafood. This focus on quality and sustainability resonated with IKEA’s strategy to support next-generation food technologies.
New Pilot Facility in Toronto
Alongside the funding, New School Foods unveiled a state-of-the-art 28,000-square-foot pilot production facility in Toronto. This facility will play a crucial role in scaling the production of the company’s first commercial product: plant-based whole-cut salmon fillets. The company’s proprietary production techniques, including patented Scaffolding and Directional Freezing technologies, replicate the muscle fibers and connective tissues found in animal proteins. This allows New School Foods to create plant-based seafood products with an authentic taste and texture that mirrors real fish.
The new facility is equipped with the V1 Commercial Assembly Line, enabling the company to scale up production efficiently. This technology is highly adaptable, and capable of producing a variety of whole-muscle plant-based products using similar processes and equipment.
The Path Ahead for New School Foods
Founded in 2021 and headquartered in Toronto, New School Foods aims to revolutionize plant-based seafood with products that are not only sustainable but also delicious and nutritionally comparable to traditional seafood. The company’s focus on whole-cut alternatives, such as its flagship salmon fillet, sets it apart from many plant-based producers that focus on ground or processed formats. This emphasis on product quality has led to overwhelmingly positive feedback from chefs and restaurateurs in the U.S. and Canada.
As the company moves towards its commercial launch, New School Foods is expected to become a significant player in the plant-based protein market. With its innovative technologies and newly opened production facility, the company is well-positioned to meet the growing consumer demand for sustainable and healthy alternatives to conventional seafood.
This latest funding round, coupled with the operational scale offered by the Toronto facility, brings New School Foods closer to its goal of transforming the plant-based protein landscape in North America and beyond.
Commentaires