Canada’s Goodfood Market raises $13.5 mln in financing round

Canadian meal kit company Goodfood Market Corp. has raised a $13.5 million in financing round.

The investments came from Desjardins Capital Markets, a unit of Canadian retail banker Desjardins and the capital raised will be used to fund expansion capital expenditures, invest in automation, refinance Goodfood Market’s long-term debt, $2 million, and for general corporate purposes.

With this new financing round, Goodfood Market will be able to significantly enhance its financial capacity and flexibility without diluting shareholders, as aiming to be the lowest cost producer in the industry in order to create the most value for its customers and investors.

Additionally, the new funds will allow Goodfood Market to continue pursuing its growth strategy, further invest in automation to generate improved efficiencies and complete the recently announced expansion of its Eastern Canada facility which will increase its sales capacity to $500 million.