CPE News (5.3.2022) – Three Farmers Foods Inc. has closed $6.2 million new round of financing. District Ventures Capital led with $3 million and the remaining of $3.2 million from existing investors including Export Development Canada (EDC), Golden Opportunities Fund Inc., and PIC Investment Group.
Founded by three farmers Colin Rosengren, Ron Emdeand, Dan Vandenhurk, and CEO Natasha Vandenhurk and CRO Elysia Vandenhurk, Saskatoon, Saskatchewan based Three Farmers Foods Inc. is a leading brand and provider of whole roasted bean snacks.
The new investment will support Three Farmers’ continued growth in Canada with strategic marketing efforts, along with providing sales and business development support for the company’s US expansion efforts.
photo credit: Three Farmers Foods
News Release
Canada’s Leading Provider of Roasted Bean Snacks Receives $6.2 Million Investment from District Ventures and Existing Investors
Investment to grow Canadian distribution and accelerate market penetration in USA
TORONTO, May 3, 2022 /CNW/ – District Ventures Capital (“District Ventures”) today announced the closing of a $6.2 million equity investment in Three Farmers Foods Inc. (“Three Farmers”), Canada’s leading brand and provider of whole roasted bean snacks. The round was led with $3 million from District Ventures and included $3.2 million from existing investors including Export Development Canada (“EDC”), Golden Opportunities Fund Inc., and PIC Investment Group.
Founded with the belief that everyone should have access to wholesome food and an understanding of its origins, Three Farmers products are made using sustainable practices on Canadian soil. The company currently has five product lines which are sold in retailers across North America including national chains such as Loblaws, Sobeys, Whole Foods and Walmart.
“Canada continues to demonstrate its enormous agricultural and health expertise and resources. Investments in vertically integrated companies like Three Farmers are what will create generational opportunity for our country,” said Arlene Dickinson, General Partner of District Ventures Capital. “As leading producers for lentil and green pea production in the world, Canada is missing out by not participating in the commercialization of these resources into products – a gap Three Farmers is able to help fill.”
“Three Farmers is a shining example of a Canadian-made brand with Canadian made sustainable products, and EDC is proud to be a part of their continued growth,” said Lissa Bjerkelund, Vice-President Investments and Mid-Marketing Lending at EDC. “Through EDC’s investment, we’ve been able to support this women-led company and their commitment to sustainable growing practices and aspirations to have a positive impact on the future of farming in Canada. They are a Canadian success story and one that we’re delighted to be a part of.”
Three Farmers is proud to locally source its pulse ingredients from the Canadian prairies along with processing and packaging locally. The company’s better-for-you plant-based products are high in protein and fibre, gluten-free, nut and peanut free and vegan. Using a proprietary dry roasting technique, Three Farmers products have a lower level of fat when compared to competing brands.
“We are very excited to welcome District Ventures as a partner in Three Farmers Foods. Armed with the resources required to build our brand and distribution across Canada and the USA and expand our manufacturing in Saskatchewan, we will be able to continue to push towards our goal of making whole bean snacking a staple in all households across North America,” said Natasha Vandenhurk, CEO of Three Farmers Foods. “Now, more than ever, consumers are relying on brands like us to provide them with healthy, wholesome foods that truly deliver on the promise of nutrition while still satisfying the need for big crunch and flavour.”
The new investment will support Three Farmers’ continued growth in Canada with strategic marketing efforts, along with providing sales and business development support for the company’s US expansion efforts.
About District Ventures Capital
District Ventures Capital is a venture capital fund investing in innovative companies in the food & beverage and health & wellness sectors. The fund is led by General Partner, Arlene Dickinson. District Ventures is the leading ecosystem in Canada that focuses on the CPG space and brings capital, marketing support, programming, and commercialization as support to the companies it invests in.
For more information, visit www.districtventurescapital.com.
About Three Farmers Foods Inc.
Three Farmers Foods Inc. is a privately held corporation based in Saskatoon, Saskatchewan. Three Farmers is a trusted brand and provider of foods with natural goodness. They are an integrated organization that delivers nourishing food the way it was meant to be – sustainably grown on Canadian farms and minimally processed to reveal its natural goodness. It’s delicious food with real substance; so you can feel good about the food you eat. Their current product lines include camelina oil and roasted snacks consisting of roasted chickpeas, roasted peas, roasted lentils and their latest product launch, whole roasted fava beans.
SOURCE District Ventures Capital
For further information: Media Contact: Jerry Nasr, District Ventures Capital, jerry@districtventurescapital.com, 416.585.2090