This brings the startup’s total funding to $18M in preparation for its upcoming commercial launch of plant-based, whole cut salmon in the U.S. and Canada

August 28, 2024 07:00 AM Eastern Daylight Time

TORONTO–(BUSINESS WIRE)–Today, New School Foods announced the completion of a $6 million USD Seed Extension round with funding from global investors including Inter IKEA, Good Startup, NewTree Capital and Hatch, building on previously announced non-dilutive capital from Protein Industries Canada. The company also officially unveiled its 28,000 sq. ft pilot production facility in its hometown of Toronto to begin production of its whole-cut salmon filet. The new facility and additional capital will support New School’s upcoming launch in U.S. and Canadian restaurants.

“Through our investments we aim to support companies that are leading the next generation of sustainable products and materials, and New School Foods’ continued devotion to sustainability and innovation exemplifies that goal.”Post this

This investment by Inter IKEA in a plant-based alternatives company is another step in its journey to bring more sustainable food options to IKEA customers. IKEA has also increased its plant-based product development and offering in the last few years, and it is committed to making 50% of the IKEA restaurants’ main menu plant-based by 2025.

“New School Foods is a true pioneer in the alternative protein industry, and we were impressed by the team, their products and the production technology they’ve developed. We are curious to explore and learn more about the potentials for plant-based alternatives,” said Robert Carleke, Innovation Ventures Manager at Inter IKEA. “Through our investments we aim to support companies that are leading the next generation of sustainable products and materials, and New School Foods’ continued devotion to sustainability and innovation exemplifies that goal.”

“We are delighted to gain the support of IKEA, a world-renowned brand, operator and leader in the plant-based space. The response to our initial tastings with chefs and restaurants across the U.S. and Canada have been incredibly positive. It’s a testament to our team’s commitment to creating a product that truly amazes both chefs and customers, providing a delicious and joyous experience,” said Chris Bryson, CEO of New School Foods.

28,000 sq ft Commercial Facility Opens

New School Foods’ facility is a complete food production operation designed to commercially produce its plant-based whole-cut salmon. The facility hosts the company’s V1 Commercial Assembly Line, based on New School’s patented Scaffolding & Directional Freezing technologies that recreate the muscle fibers and connective tissue that form the basis for the texture of seafood and meat. The technology is scalable thanks to its use of off-the-shelf equipment, and versatile in its ability to create other whole-muscle products with the same production process and equipment. The facility also houses the team’s new scientific research lab, engineering lab, and business operations team to enable efficient cross-collaboration toward the goal of developing whole-cut plant-based products that have the same look, cook, taste, and texture as seafood and meat.

“We’ve been hard at work over the last year to achieve commercial scale,” said Bryson. “Our pilot facility and deployment of our V1 production line mark a critical milestone for our company, enabling us to produce groundbreaking products and bring them to market.”

About New School Foods

Founded in 2021 in Toronto, Canada, New School Foods Inc. produces whole-cut, plant-based seafood that emulates the taste, texture, nutritional benefits, and cooking experience of conventional seafood. The company has developed a patented, purpose-built food production process to create whole-muscle alternatives that are more authentic and scalable than existing plant-based alternatives. The company believes in enabling a healthier, kinder, and more sustainable food system through seafood and meat alternatives that deliver a better overall experience in taste, texture, nutrition, and price. The company has been featured on CNBC, Gizmodo, Axios, and other leading publications. The company has raised a total of $18 million from Lever VC, Good Startup, Inter IKEA, Hatch, Protein Industries Canada, Clear Current Capital, NewTree Capital, Blue Horizon Ventures, Joyance Partners, Joyful Ventures, Alwyn Capital, and others. For more information, please visit newschoolfoods.co.

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