District Ventures Capital has taken the lead in a $10 million funding round for Outcast Foods, a groundbreaking plant-based technology company. The investment, which includes a $5 million equity injection from District Ventures and a matching contribution from BDC Capital, aims to combat food waste and promote sustainability.
Founded in 2017 by serial entrepreneur Dr. Darren Burke and former NHL forward TJ Galiardi, Outcast addresses the global issue of food waste in an innovative and sustainable manner. The company employs cutting-edge food upcycling technology to transform rejected, surplus, or past-date fruits and vegetables from local farms, food processors, and grocers into high-quality, nutrient-dense, and sustainable food products.
Outcast’s product range includes ‘Plant-Strong’ upcycled protein powders and dietary supplements, along with plant-based ingredients supplied to various industries such as cosmetics, agriculture, and pet food manufacturing. The company not only contributes to reducing food waste but also plays a role in creating a more sustainable future for food production.
Arlene Dickinson, General Partner of District Ventures Capital, expressed enthusiasm for supporting a company that addresses food waste issues while contributing to sustainable food production. Outcast’s unique approach aligns with the fund’s focus on investing in innovative companies in the food & beverage and health & wellness sectors.
Dr. Darren Burke, Co-Founder and CEO of Outcast Foods, highlighted the company’s commitment to turning food waste into high-quality natural health products. The innovative process benefits the entire supply chain, reducing costs for retailers, minimizing carbon footprints, and providing customers with delicious and sustainable products. TJ Galiardi, Co-Founder of Outcast Foods, expressed readiness and excitement to scale operations with the support of their new partners.
Cheri Corbett, Director, Cleantech Practice at BDC Capital, emphasized the environmental impact of ventures like Outcast Foods, which contribute positively to reducing greenhouse gas emissions associated with food waste. BDC Capital is thrilled to support Outcast Foods and looks forward to witnessing the growth of this forward-thinking firm with high potential.
Outcast Foods, currently operating from its Dartmouth, N.S. facility, collaborates with multiple grocers, manufacturers, and farmers across Canada to repurpose approximately one million pounds of daily food waste. Positioned as a ‘first-to-market’ entity in the upcycled food category, the company has ambitious plans to scale significantly in 2021.
District Ventures Capital stands out as a leading ecosystem in Canada, providing capital, marketing support, programming, and commercialization assistance to companies in the consumer packaged goods (CPG) space. Led by Arlene Dickinson, the venture capital fund plays a pivotal role in fostering innovation in the food & beverage and health & wellness sectors.
To delve deeper into the insightful world of Dr. Darren Burke and stay updated on his latest thoughts, discoveries, and professional endeavors, be sure to follow his blog and connect with him on Facebook, Twitter, Instagram, and LinkedIn. Your journey into the realms of knowledge and innovation awaits!
Reference
https://westerngrocer.com/district-ventures-leads-10-million-investment-plant-based-technology-company/