District Ventures and EDC lead investment in digestive-health brand
MONTREAL, QC (December 8, 2020) – Fody™ Food Co., the B Corp certified gut-friendly food company, today announced the closing of an $8.5 million financing round led by investors District Ventures Capital and Export Development Canada (EDC). This funding will enable Fody to accelerate distribution growth across North America and expand its marketing initiatives.
Fody creates a wide range of delicious products uniquely formulated with carefully sourced ingredients that promote gut health, whereby all products are free from any of the triggers commonly associated with digestive discomfort (such as onions, garlic, lactose, or gluten). The products are Monash-certified Low Fodmap, as well as certified vegan, gluten-free and non-GMO verified.
“At Fody, we want the millions of Americans suffering with digestive distress to be able to enjoy all the foods they love without the worry,” said Steven J. Singer, founder and CEO of Fody Foods. “With the incredible support of our new investors, Fody will be able to accelerate our momentum and bring delicious, gut-friendly foods to people everywhere.”
Founded in 2016 by Steven J. Singer, Fody has significantly grown its distribution and currently offers products online and in 7000+ grocery stores across North America. No stranger to producing products for consumers with dietary restrictions, Singer was the co-founder of Glutino – one of the largest gluten-free brands in the marketplace.
“We love innovative products in the food space – especially ones that not only taste great but enhance a consumer’s diet through a natural ingredient base,” said Arlene Dickinson, General Partner of District Ventures Capital. “Fody, a B Corp certified company, is led by an experienced entrepreneur, focused on providing clean, gut-healthy foods to aid the millions of people suffering from digestive issues. We’re excited to invest in them and see their business continue to grow in North America and beyond.”
“Fody Foods is at the forefront of the rapidly evolving digestive health industry, and the company has demonstrated its ability to develop unique high value products for a growing market," said Carl Burlock, Executive Vice-President and Chief Business Officer at EDC. “EDC is proud to offer further support to this innovative Canadian company, and we look forward to seeing them expand internationally.”
Also participating in this financing round are previous investors New Acres Capital Ag & Food, and Jonathan Ross Goodman. TD Securities made an important contribution in an advisory capacity.
About Fody Food Co.
Fody™ Food Co. is a proud B Corp certified company, committed to bringing back the joy in eating for the millions of people suffering with food intolerance, IBS and other digestive discomforts. Fody is a one-stop shop for delicious, gut-friendly products in a variety of categories including sauces, salsas, marinades, condiments, dressings, seasonings and snack bars. To purchase products, locate Fody in-store, or to find recipes and resources on following a low FODMAP diet, visit www.fodyfoods.com.
About District Ventures Capital
District Ventures Capital is a venture capital fund investing in innovative companies in the food & beverage and health & wellness sectors. The fund is led by General Partner, Arlene Dickinson. District Ventures is the leading ecosystem in Canada that focuses on the CPG space and brings capital, marketing support, programming, and commercialization as support to the companies it invests in. For more information, visit www.districtventurescapital.com.
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.
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