Three Farmers Foods in SK receives funding to expand
Saskatoon-based Three Farmers Foods, maker of pulse snacks, has received C$2.65M in funding led by Golden Opportunities Fund and Export Development Canada. The round of investment will fund the Company’s strategic growth plan.
Three Farmers was founded on the belief that everyone should have wholesome food to eat and an understanding of where it comes from and how it’s made. Proceeds from this investment will allow Three Farmers to continue its growth strategy bringing healthy, wholesome pulse based snacks to Canadians and the rest of the world and to create connections between growers and consumers, especially during the pandemic. Golden and EDC, through their partnership with Three Farmers, have identified the abundance of opportunity in a growing desire for healthy, clean foods that are locally and sustainably produced recognizing that consumers are increasingly aware of the food ecosystem and have a desire to support farmers as well as local, and women-led, businesses.
Established more than a decade ago, Three Farmers are real farmers committed to preserving the land through sustainable growing practices and providing nourishing foods with ingredients sourced and grown on family farms, adding value through its proprietary roasting technology, to deliver homegrown healthy snack products to the world. As an established consumer packaged foods brand, the Company delivers a variety of product lines including Three Farmers Camelina Oil and Three Farmers Roasted Snacks consisting of roasted chickpeas, roasted peas and whole roasted lentils.
With its home base in Saskatchewan, the Company was founded by three farmers, a group of second and third generation local farmers, and two local sisters – Natasha Vandenhurk, Chief Executive Officer and Director, and Elysia Vandenhurk, Chief Revenue Officer and Red Seal Chef. Although the company’s products are all locally sourced, Three Farmers has grown to have a global reach with the Company’s healthy snack products now sold in over 4,000 retailers across North America, including all national grocery retail chains, and online through the Amazon platform.
“The environment today has highlighted the gaps and challenges in today’s supply chain. Reliable and locally produced foods are now more important than ever. This reflects our core values of sustainability, traceability, innovation, promoting the land we farm on, and connecting farmers to consumers,” says Natasha Vandenhurk. “We are excited to work with Golden Opportunities – a local investment fund, which further supports our roots, that has a deep understanding of value-added agriculture as we continue to drive innovation in our Province and grow the Three Farmers brand and products for generations to come.”
“Golden is pleased to lead this next round of growth funding for this local company in our innovation sector – a key and flourishing sector that the Fund continues to champion. Our investment will further support the ongoing growth of Three Farmers, as the Company continues to grow its product lines, markets, customers and distribution channels globally,” says Grant Kook, President and CEO of Golden Opportunities Fund Inc.
“EDC is pleased to support Three Farmers Foods as the company executes on its growth plans to reach new markets for its sustainably-produced snack products,” said Carl Burlock, EDC’s Executive Vice President and Chief Business Officer. “Three Farmers Foods is a great example of the innovative Canadian companies that EDC is supporting through our Investment Matching Program, and how we’re working in collaboration with other investment partners to drive more impact for Canadian businesses.”
Through the Company’s innovations, Three Farmers also provides its customers with the ability to trace their food – from ‘Farm to Fork’ through a simple product code that connects the consumer, openly sharing how their products are grown and made. The Company also has a commitment to preserving the land through sustainable growing practices.
Overall, the snack food category continues to experience strong growth with healthy snack food products leading the way. The Better for You (BFY) snack category has been growing at a rate of approximately 20% per year, while pulse-based snacks have been growing at rate of over 40% per year, according to Mintel’s BFY November 2017 study.
Three Farmers will keep growing from where it started – locally in Saskatchewan, while it continues to address the increasing demand, and expand its products and presence around the globe.
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 and roasted lentils.
About Golden Opportunities Fund Inc.
Founded over 20 years ago, Golden Opportunities Fund Inc. is the first and longest-standing Provincial Retail Venture Capital (RVC) Fund in Saskatchewan. The Fund makes strategic investments in high-growth sectors of the economy to maximize shareholder value. Learn more at GoldenOpportunities.ca
About Export Development Canada
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically. For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.