Toronto’s New School Foods has raised $8 million CAD ($6 million USD) in a seed extension round to support the launch of its plant-based salmon alternative in the U.S. and Canada. The round was led by Good Startup, with participation from returning investors NewTree Capital and Hatch, as well as new investor Inter IKEA Group. The company also received non-dilutive funding from Protein Industries Canada and angel investors.
Founded in 2021 by Chris Bryson, New School Foods specializes in creating plant-based seafood designed to replicate the taste, texture, and nutritional benefits of conventional seafood. The startup has developed proprietary “scaffolding and directional freezing” technologies to produce “whole-muscle” seafood alternatives, which closely mimic the structure and appearance of real fish.
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Strategic Expansion and New Facilities
The new funding will help New School Foods expand its presence in North American restaurants, with a focus on the food service sector where 70% of U.S. seafood purchases occur. The startup has also unveiled a 28,000 sq. ft pilot production facility in Toronto, which will house its commercial assembly line, research labs, and business operations team.
Partnerships and Future Growth
Inter IKEA Group’s investment aligns with its goal to increase plant-based offerings, though there are currently no plans to introduce New School Foods’ products in IKEA restaurants. The startup plans to continue its go-to-market strategy through restaurant partnerships while exploring collaborations with larger companies for co-branded products.
Positive Reception and Market Potential
New School Foods has received positive feedback from chefs and restaurants during initial tastings in the U.S. and Canada. The plant-based seafood market, valued at $84 million in 2022, is expected to grow to $1.3 billion by 2030, positioning New School Foods as a key player in the industry.
