Look of New School Foods' plant-based salmon filet.
Photo: New School Foods.
Last week we learned IKEA had participated in the investment round of seaweed producer Nordic SeaFarm. But, while this was happening in Sweden, across the Atlantic in Canada, New School Foods - a company specializing in the production of plant-based whole-cut seafood - announced the completion of a USD 6 million (EUR 5.4 million) seed extension round with funding from global investors including Good Startup, NewTree Impact, Hatch Blue and, again, Inter IKEA Group.
This new investment adds to previously announced non-dilutive capital from Protein Industries Canada and brings total funding for the startup to USD 18 million (EUR 16.3 million) as it prepares for its upcoming commercial launch of whole, plant-based salmon in the U.S. and Canada.
In addition, to coincide with the investment announcement, New School Foods also officially presented its 28,000 square-foot (2,600 square meters) pilot production facility in its hometown of Toronto. The new plant and additional capital will support its upcoming restaurant rollout in the U.S. and Canada.
Inter IKEA's investment in a plant-based alternatives company is yet another step in its journey to offer more sustainable food options for its customers. In recent years, the Swedish giant has not only increased its development and offering of plant-based products but is committed to making 50% of the main menu in IKEA restaurants plant-based by 2025.
"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," said Robert Carleke, Innovation Ventures Manager at Inter IKEA.
"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," he added.
For his part, Chris Bryson, CEO of New School Foods, said the company is delighted to have the support of IKEA, as it is "a world-renowned brand, operator and leader in the plant-based space."
As a matter of fact, this is not the first time IKEA has shown its "curiosity" and openness to new investment opportunities in the seafood space to accelerate innovation and transformation on topics that it considers strategic to its business.
Good examples are its investments - through Ingka Investments, the investment arm of IKEA's parent company Ingka - in the Ocean 14 Capital fund, which focuses on innovations in the blue economy, such as aquaculture, alternative proteins, reducing plastic waste pollution, protecting ecosystems and marine flora, and ending overfishing; or the participation of IKEA heir, Mathias Kamprad, in Cibonum Group, main owner of RE: OCEAN, a company that will produce 10. 000 tons of farmed salmon in Sweden.
New School Foods claims to produce "the only plant-based salmon filet that looks, cooks, tastes and flakes™ like wild salmon."
Photo: New School Foods.
As mentioned above, New School Foods is a startup specializing in the production of plant-based whole-cut seafood. "The response to our initial tastings with chefs and restaurants across the U.S. and Canada have been incredibly positive," said its CEO, Chris Bryson. "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."
On its website, the Canadian startup claims to be introducing "the only plant-based salmon filet that looks, cooks, tastes and flakes™ like wild salmon." To achieve this it will rely on its new plant, which will host 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.
"We’ve been hard at work over the last year to achieve commercial scale," Bryson stated. "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."
Moreover, according to New School Foods' release, its technology is scalable thanks to its use of commercially available equipment and versatile in its ability to create other whole muscle products with the same process and production equipment.
The Toronto facility will also house 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."
