N.S. Company Raises $10-Million From Fund Led By Arlene Dickinson Of Dragons Den
Dartmouth-based Outcast Foods, which makes powdered food products from rejected produce, has closed a $10-million funding round, half of which came from the fund led by Arlene Dickinson of Dragons’ Den fame.
Outcast will use the money to expand its plant in Dartmouth and build a plant in Southern Ontario that will have the capacity to generate up to $30 million in revenue annually. That will allow Outcast to go after more international clients, including the multi-national food producer Nestle.
The company issued a statement Tuesday saying it received an equity investment of $5 million from Calgary’s District Ventures Capital, whose Founder and General Partner is Dickinson. BDC Capital, the venture arm of the Business Development Bank of Canada, also came in with a $5 million equity investment.
“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,” Dickinson, a celebrated investor on the CBC show Dragons’ Den, said in the statement.
Read the rest of this story at Entrevestor.
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