Outcast Foods Receives Equity Investment from District Ventures Capital and BDC Capital
District Ventures and BDC Capital Canada
Bowen Serves as Exclusive Financial Advisor to Outcast Foods
BOSTON, March 17, 2021 – Bowen is pleased to announce that Outcast Foods, an innovative food upcycling technology company that diverts food waste from landfills and turns discarded fruits and vegetables into sustainable food products, has received financing from District Ventures Capital and BDC Capital, two of Canada’s leading venture capital firms. Bowen acted as the exclusive financial advisor to Outcast Foods.
Outcast Foods is the first to market, creating a new category of upcycled food amidst the emerging trend of better plant-based options that are sustainable and reduce waste. The Company’s commercial success and recent capital raise demonstrate the potential for disruption in the Food industry, while benefiting the “Triple Bottom Line” of People, Planet and Profit. The venture capital funding will help expand Outcast’s food processing abilities across Canada and the U.S. and augment the retail distribution for its branded supplements.
“A staggering $300 billion of food is wasted per year in the United States alone, and 25% of food is rejected purely for cosmetic reasons. By working with local farmers, grocers and food manufacturers, we are reimagining and innovating the entire food supply chain from Farming & Agriculture to Food Distribution & Processing,” said Dr. Darren Burke, Co-Founder & CEO of Outcast Foods. “Bowen navigated us through the international venture capital landscape to find two great partners in District Ventures and BDC, who deeply understand the Food & Beverage industry and know how to support Canadian entrepreneurs. This is the biggest move Canada has ever seen in the fight against needless food waste.”
“With its unique manufacturing processes and multifarious partnerships, Outcast is at the forefront of a paradigm shift that will change how people produce and consume food, substantially reducing waste and greenhouse gas emissions,” said Bob Fleming, Managing Director at Bowen. “Bowen understands that ESG (Environmental, Social and Governance) criteria are increasingly important to companies, society, and the investment community. We strive to incorporate ESG principles into our practices and take pride in matching ESG leaders such as BroadReach, Ampion and Outcast with like-minded investors.”
Click here for Outcast’s press release.