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December 8, 2020

Canada low-FODMAP firm Fody gets more investment

The Montreal-based business, which sells into the US and the UK, has attracted fresh backing from new investors.

By Dean Best

Fody Food Co., the Canadian supplier of low-FODMAP foods, has attracted the backing of new investors.

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Consumer industry investors across the world are betting big on the ESG trend to pick up in the future and are focusing on backing the start-ups and emerging companies working in the meat-alternative products category.   The top two deals in this category were the $500 million investment raised by Impossible Foods and the $347 million investment deal for Future Meat Technologies.  GlobalData’s Venture Capital Investments – Consumer 2021 will help you dive into the capital raising landscape across regions and themes.  Use the report to identify emerging signals and trends across Consumer, formulating winning strategies for the road ahead.   
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The Montreal-based business, which sells into the US and the UK, has announced “an equity investment” worth CAD8.5m (US$6.6m).

Canadian venture-capital fund District Ventures Capital and state agency Export Development Canada (EDC) took part in the funding round. District Ventures has put CAD4m into the business, with EDC investing CAD3m. Existing investors including New Acres Capital and Fody’s management also participated in the round.

Set up four years ago, Fody markets foods low in the FODMAPs, or fermentable sugars, that are seen as a cause in digestive conditions like irritable bowel syndrome. Fody, which markets products including pasta sauces and condiments, has listings in more than 7,000 stores in North America. In the UK, Fody’s customers include Morrisons, the country’s fourth-largest grocer by market share.

Fody said the new money would help it continue to build the distribution of its products in North America and invest in marketing.

“With the incredible support of our new investors, Fody will be able to accelerate our momentum and expand on our sales and marketing activities,” Steven Singer, Fody’s founder and CEO, said.

Singer is the co-founder of Canadian gluten-free business Glutino, now owned, after a series of takeovers in the 2010s, by US food major Conagra Brands.

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Free Report
img

VC funding trends to watch out for in Consumer

Consumer industry investors across the world are betting big on the ESG trend to pick up in the future and are focusing on backing the start-ups and emerging companies working in the meat-alternative products category.   The top two deals in this category were the $500 million investment raised by Impossible Foods and the $347 million investment deal for Future Meat Technologies.  GlobalData’s Venture Capital Investments – Consumer 2021 will help you dive into the capital raising landscape across regions and themes.  Use the report to identify emerging signals and trends across Consumer, formulating winning strategies for the road ahead.   
by GlobalData
Enter your details here to receive your free Report.

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