Plant-based company Bettermoo(d) is looking to raise C$10m ($7.5m) with a view to launching its trademarked Moodrink in September.
The Canada-based dairy alternative company will sell shares at C$6.80 each in a non-brokered private placement in an attempt to raise funds.
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Bettermoo(d) said the financing will consist of 1,470,588 units, each of which consists of one common share and one common share purchase warrant exercisable at a price of C$9.80 per share for a period of 24 months.
The company will put the majority of the funding towards an advertising campaign for its plant-based Alpine milk alternative Moodrink.
Steve Pear, a former Coca-Cola executive and new chairman of the company, said: “With more than 20,000 local retail sample orders and its unique branding and concept, the company is very confident it will become a new leader in the dairy-alternative sector.”
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Bettermoo(d) revealed Pear has taken over the role of chairman. Co-founder and chairman Nima Bahrami has moved to CEO.
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By GlobalDataPear added: “The launch on the West Coast of Canada in September, focusing on our founder’s home country, is seen as a potential proof-of-concept for the global market which offers a huge opportunity.”
Bettermoo(d) has now raised over C$7m since its inception in 2021 and announced the music legend Bryan Adams as a founding member. The company also has headquarters in Austria where it sells vegan cheese including camembert and cream cheese alternatives.
“We, as a company, are not only committed to creating significant shareholder value but also better products for a better you. I can’t wait to enter this upcoming and very exciting phase of building our company towards becoming a leading market player in the industry,” Bahrami said.
The newly trademarked Moodrink is set to launch across Canada later this year.
According to a report from GlobalData, in Canada, the grain, nut, rice and seed milk alternatives category was worth C$330.7m ($263.8m) in 2021. The category is predicted to hit C$640.5m by 2026, registering a CAGR of 14.1% during the five-year period.
In terms of volume, the category is expected to grow at 11.9% CAGR between 2021 and 2026, hitting 231.2m kg by 2026.
