Inter IKEA joins returning investors in seed extension for New School Foods
On August 28, 2024, New School Foods Inc. (“New School Foods”) closed an C$8 million (US$6 million) seed extension in preparation for the launch of its plant-based salmon in the United States and Canada.
New School Foods raised C$15.9 million in its initial seed financing back in February 2023. Together with the seed extension, the company has raised over C$24 million in total funding.
The extension financing was led by Good Startup, and also included participation from returning investors NewTree Capital and Hatch, and new investor Inter IKEA Group (“Inter IKEA”). It also includes some non-dilutive capital that New School Foods received from federally funded innovation cluster, Protein Industries Canada, as well as angel capital.
Further information can be found on BetaKit’s website.
New School Foods mission is to accelerate the transition to a kinder, more sustainable food system by creating no-compromise meat alternatives. It creates plant-based seafood with the same texture, flavor, nutritional benefits, and cooking experience as traditional seafood.
Inter IKEA Group is the group of companies that connects IKEA franchisees with range development and suppliers, and aligns the overall IKEA strategic direction. The Group includes Inter IKEA Systems B.V. – the worldwide IKEA franchisor – as well as range development, supply and certain industry activities.