The Canadian Food Innovation Network today released its inaugural “Foodtech in Canada Ecosystem Report.”
The CFIN posits that the ecosystem report represents the most comprehensive overview of Canada’s foodtech ecosystem to date.
The report leverages foodtech data intelligence from Forward Fooding, a global foodtech ecosystem platform, to provide a review of more than 300 Canadian companies, with data “enriched by expert insights from Canada’s leading food industry figures.”
With strengths like access to a network of research and innovation hubs and government-backed programs for foodtech innovation, the report suggests that Canada’s ecosystem has made strides over the past several years.
“Canada’s foodtech ecosystem has made remarkable progress over the last decade, driving transformative innovations that enhance sustainability, boost economic productivity, and create jobs nationwide,” stated Dana McCauley, chief executive officer of CFIN. “CFIN is fully committed to empowering homegrown innovators and fostering solutions that will shape the future of food technology in Canada.”
“Foodtech in Canada” charts over $4.1B in Canadian agri-food-tech investments between 2014 and 2024, in which $2.3B went to foodtech projects specifically.
The report also notes that, while Canadian foodtech has seen a “healthy inbound” of investments, one concern is that our startups see more public funding and less venture capital backing than counterparts in the US and the UK.
Regionally, the report points to a slew of innovators based in British Columbia.
For example, CFIN supported Crush Dynamics on the BC firm’s quest to develop a seemingly magical ingredient alongside Purdys Chocolatier: a proprietary, scalable food ingredient that promises a reduction in sugar of up to 50% and a reduction in sodium of up to 80% while maintaining both shelf life and texture.
There’s also Fantuan, which received an Enterprise Fast 15 award from Deloitte Canada a month before announcing a US$40M Series C round of funding toward bringing Chinese-style food delivery experiences to Canada.
Inspired by Chinese commerce platform Meituan, Randy Wu founded Fantuan in 2014 as an economics student at Simon Fraser University. Today the company employs over 500 people worldwide.
Cronometer Software is another CFIN-boosted example. The firm uses artificial intelligence technology to apply science-based nutrition.
Overall, B.C. is a strong contributor to Canada’s foodtech ecosystem.
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