Mother Raw, a fledgling Canadian supplier of plant-based condiments, has closed its Series A round and is hoping to speed up its growth in North America.
Canadian private-equity firm Forage Capital Partners has joined Mother Raw’s roster of investors. Existing shareholder Whitecap Venture Partners, a Canadian VC fund, also took part in the round, which raised US$6.1m.
Mother Raw, launched last year, markets products including dressings, marinades, dips. It has secured listings in more than 3,700 stores in North America, with stockists including Walmart, Target and Whole Foods Market.
The company is hoping the new funding will help the business expand further across the region. “Growth takes investment into things like ingredients, supplies, distribution, retailer programming and marketing. We will be investing in these areas along with innovation,” CEO Kristi Knowles told just-food.
“We do 100% of our own manufacturing and some investment will be required into our facility to expand capacity, however the majority of the new capital is for marketing and sales programming as well as innovation.”
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Asked to disclose Mother Raw’s sales, Knowles added: “Our growth for 2020 will be about 2.4 times 2019 and our projected growth for 2021 is even higher subject to the impacts of Covid-19 on retailers.”
