Vegan food technology company Nabati Foods has plans to go public on the Canadian Securities Exchange following a $7.7 million funding capital raise. The company was founded back in 2014 with several products including vegan cheesecakes, cheeses, and meats, which are distributed throughout lines in the whole North American continent in the grocery, foodservice, and industrial channels.
Nabati Foods plans to plans to expand its distribution and build a new bigger production facility, develop new product lines, and mainly restructure the company to Nabati Foods Global Inc. with new corporate headquarters in Vancouver in British Columbia.
“We are very pleased with the interest we have received. Our team has put in the legwork to build a company with the highest quality plant-based products, and that commitment to quality is starting to pay off, with demand exploding over the past year,”
This financing puts Nabati in an even more robust position to expand our production capacity to meet growing demand from grocery, foodservice, and industrial customers, while also supporting product development and innovation.”Nabati CEO Ahmad Yehya
Nabati is not the only Vegan company to go public, they are joining many others in what look s like a successful trend. Beyond Meat was the first to hit the stock market in May 2019, and it saw its stock prices rise up to 163 percent on its first day of trading. In Canada, The Very Good Food Company saw an 800 percent increase in its stock value after its first few days of trading on the Canadian Securities Exchange in June 2020.
Last February, oat-milk brand Oatly filed plans for an IPO with the Securities and Exchange Commission. And the startup Eat Just—maker of vegan JUST Egg—is also eyeing an IPO as a financing event following the shift in consumer behavior toward plant-based products during the COVID-19 pandemic.