Outcast Foods of Dartmouth has completed a $10-million round of financing, with half the investment from Arlene Dickinson of Dragon’s Den.
A second $5-million investment is being made by BDC Capital.
Outcast is a food technology company that prevents food waste from going to landfills, instead converting discarded fruits and vegetables into sustainable food powders.
“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,” said Dickinson, the general partner of District Ventures Capital. “We’re excited to partner with Outcast with our investment as they prepare to scale their sustainable plant-based technology.”
Outcast Foods was established in 2017 by entrepreneur Darren Burke and former NHL player T.J. Galiardi. The company utilizes rejected, surplus, or past-date fruits and vegetables from local farms, food processors and grocers to produce its line of Plant Strong protein powders and dietary supplements.
Its products are also used by cosmetics, agriculture and pet food manufacturers.
“We saw the giant issue of food waste as an opportunity to create a new category in the growing supplement industry. All we needed to do was figure out how to transform waste stream food into high purity, nutrient-dense, long shelf-life natural health products,” Burke said in a release.
The company operates out of a facility in Burnside, but plans to take over a larger building somewhere in the Annapolis Valley this year, then expand to Ontario.
“We’re ready and excited to scale our operations with our new partners,” said Galiardi.