Bettermoo(d), a plant-based company, is seeking to secure C$10m ($7.5m) in funding as it prepares to release its signature Moodrink in September.
In an effort to raise capital, the dairy-free company based in Canada will offer shares at C$6.80 apiece through an unbrokered private placement.
According to Bettermoo(d), the financing will comprise of 1,470,588 units, with each unit containing one common share and one common share purchase warrant that can be exercised at C$9.80 per share within a 24-month period.
Most of the funds will be allocated by the company towards a promotional campaign for Moodrink, its plant-based substitute for Alpine milk.
Steve Pear, a former Coca-Cola executive and new chairman of the company, said, “With more than 20,000 local retail sample orders and its unique branding and concept, the company is very confident it will become a new leader in the dairy-alternative sector.”
Bettermoo(d) has announced that Nima Bahrami, the company’s Co-Founder and former Chairman, has assumed the position of CEO, while Pear has taken over as Chairman.
Pear added, “The launch on the West Coast of Canada in September, focusing on our founder’s home country, is seen as a potential proof-of-concept for the global market which offers a huge opportunity.”
Since its establishment in 2021, Bettermoo(d) has raised more than C$7 million and recently revealed that the renowned musician Bryan Adams is among its founding members. The company’s headquarters are located in Austria, where it markets vegan cheese, such as camembert and cream cheese substitutes.
“We, as a company, are not only committed to creating significant shareholder value but also better products for a better you. I can’t wait to enter this upcoming and very exciting phase of building our company towards becoming a leading market player in the industry,” Bahrami said.
Later this year, the recently trademarked Moodrink will be introduced throughout Canada.
As reported by GlobalData, the market for grain, nut, rice, and seed milk substitutes in Canada was valued at C$330.7 million ($263.8 million) in 2021. The category is anticipated to reach C$640.5 million by 2026, with a compound annual growth rate of 14.1% during the five-year span.
The category is projected to increase in volume at a compound annual growth rate of 11.9% from 2021 to 2026, reaching 231.2 million kilograms by 2026.