Funds will be used to go public, as well as for business development, working capital, plant expansion, and equipment for production expansion
Nabati Foods Global has closed an oversubscribed C$7.7 million private placement, and has restructured with plans to go public.
Founded in Edmonton in Alberta, Nabati is a foodtech company offering whole, natural, plant-based foods. It is a portfolio company of Eat Beyond Global Holdings, an investment issuer focused on the global plant-based and alternative food sector.
Nabati previously announced it was raising C$4 million, but increased this to C$7.7 million “due to tremendous demand”. The company said it is proposing to use the funds to carry out its go-public plan, as well as for business development, working capital, plant expansion, and to purchase equipment to expand production capacity and develop new product lines.
Nabati offers three plant-based product lines including dairy-free cheesecakes, cheese alternatives, and plant-based meats, and said it plans to add more. Its products are sold across North America via grocery, online, foodservice and retail channels.
Eat Beyond chief executive Patrick Morris said: “Once the financing was announced for Nabati, the company received thousands of inquiries from interested parties looking to invest. This new capital can help to catapult Nabati to the next level by enabling the company to expand its production capacity to meet the ever-growing demand for its products. Eat Beyond looks forward to working closely with Nabati to support their innovation, growth, and expansion.”
Ahmad Yehya, chief executive of Nabati, added: “Nabati has seen unprecedented growth over the past year, despite the uncertainty consumers are facing due to the Covid-19 pandemic,” said “We designed our products and mix of distribution channels to be able to weather economic challenges, and we are now seeing the fruits of that labour.”
Date published: 15 March 2021