Oatbox raises $7.1M to build an oat base manufacturing facility
By Food in Canada StaffBusiness Operations Plant-based foods Editor pick Oatbox Quebec
Canada-based startup Oatbox, a manufacturer of oat-based products, closes a $7.1 million financing round from financial partners including Desjardins Group, the Government of Quebec, through its representative Investissement Québec and Canada Economic Development for Quebec Regions.
This funding will enable Oatbox to finalize the construction its own oat base manufacturing facility. Located in St-Damase, Que., the plant will allow Oatbox to develop a wide range of plant-based oat products as well as partner with companies requiring oat base for their operations.
“This funding is a strong endorsement of our business plan and will allow us to have excess production capacity in order to sell oat base to other food processors in Eastern Canada or the Northeastern part of the United States. There is a shortage of quality oat base on the market. However, it is a perishable product. Both food processors and consumers will benefit from a fresher product, as it is processed locally and transported over shorter distances,” said Marc-Antoine Bovet, co-founder and president of Oatbox.
Oat base is the main ingredient in oat milk and its many oat-based derivatives: ice cream, yogurt, frozen desserts, cream cheese and any other product that uses milk and is looking for a plant-based alternative.
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