New School Foods has raised $6m in funding in preparation for its upcoming launch of plant-based salmon alternative products in the US and Canada.
The Toronto-based business revealed that investors such as Inter IKEA Group, Good Startup, NewTree Capital and Hatch have backed New School Foods in a seed extension funding round.
This brings the company’s total funding to $18m, after it raised $12m last year.
New School Foods has also opened its pilot 28,000-square-foot commercial facility in Toronto for its whole-cut salmon alternative product. The facility has a “V1 Commercial Assembly Line” to recreate muscle fibres and connective tissue to imitate seafood and meat, the business said.
It also houses a 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”.
Chris Bryson, CEO of New School Foods, said: “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 US and Canada have been incredibly positive.
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“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.”
The New School Foods statement said that IKEA has increased its plant-based product development and offering in the last few years, with the retailer committed to making 50% of the main menu in its restaurants 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.
