Sol Cuisine, a Toronto-based provider of gourmet plant-based protein foods, has secured C$10 million in a new financing. BDC Capital’s Industrial Innovation Venture Fund led the round. It was joined by the company’s existing investors, including Export Development Canada, New Acres, InvestEco Capital, Planted Power, chairman Mike Fata and CEO John Flanagan. BDC Capital’s Jonathan Goodkey will join the board.
MISSISSAUGA, ON, Aug. 13, 2020 /CNW/ – Sol Cuisine Inc., a leader in gourmet plant-based protein foods announced today that it has closed a $10 Million equity financing round led by BDC Capital’s Industrial Innovation Venture Fund, along with existing investors EDC, New Acres, InvestEco, Planted Power, Chairman Mike Fata and CEO John Flanagan.
Founded by Dror Balshine in 1996, Sol Cuisine is a Canadian based pioneer in the plant-based food industry. Sol Cuisine launched one of the first Organic Tofu products in Canada, and since that time has innovated a full range of plant-based products and has expanded distribution to natural and grocery retailers, as well as food service establishments. The company’s state-of-the-art manufacturing facility and R&D lab are based in Mississauga, Ontario, Canada.
Made with plant-based, non-GMO ingredients, Sol Cuisines product line includes; burgers, balls, bites, sausages, fillets and roasts, that are gourmet tasting and world class quality. Sol Cuisine products are currently available in over 4,000 locations, including Whole Foods, Albertsons, Safeway, Target, Kroger, Loblaws, Sobeys and Metro. The new funding will enable Sol Cuisine to continue expanding its product innovation and distribution.
“Sol Cuisine is thrilled to partner with BDC Capital”, said John Flanagan, CEO of Sol Cuisine. “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.”
“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” said Joe Regan, Managing Partner, Industrial Innovation Venture Fund, BDC Capital. Jonathan Goodkey, Principal with the Industrial Innovation Venture Fund will be joining the Sol Cuisine Board of Directors.
About Sol Cuisine
Sol Cuisine is a leading Canadian based manufacturer of quality gourmet plant-based food products. Since 1996 Sol Cuisine has pioneered the development of innovative foods to serve consumers evolving needs. Sol Cuisine is passionate about their products being great tasting, nutritionally balanced and sustainable. Today they offer a wide variety of products that are available nationally across Canada and the United States. For more information visit www.solcuisine.com
About BDC Capital
BDC Capital is the investment arm of BDC- Canada’s only bank devoted exclusively to entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.