District Ventures announced an equity investment of $5 million in Outcast Foods, a food technology company that turns food waste into clean sustainable food products. BDC capital also invested $5 million, for a combined total of $10 million.
Outcast Foods uses rejected or surplus fruits and vegetables to upcycle and create protein powders, dietary supplements and more.
"We are pleased to support a company that not only addresses the problems of food waste but is creating a future world rooted in sustainable food production," says Arlene Dickinson, general partner of District Ventures Capital.
"We saw the giant issue of food waste as an opportunity to create a new category in the growing supplement industry. All we needed to do was figure out how to transform waste stream food into high purity, nutrient-dense, long shelf-life natural health products," says Darren Burke, co-founder and CEO of Outcast Foods.
Outcast Foods currently partners with multiple Canadian grocers, manufacturers and farmers.