CFIN's Innovation Booster Injects Two B.C. Food-Tech Firms with Fresh Capital
Summary
The Canadian Food Innovation Network this week revealed that it is awarding a total of $500,000 to 11 food-tech projects across Canada.The funding, hailing from CFINs Innovation Booster Program, is set to be matched by industry for a total of $1M in investments.The projects span a wide range of innovations, including the digitalization of food processing systems, enhancing the nutritional quality of alternative plant-based proteins, and product development involving sustainably sourced functional food ingredients.The diversity and creativity of Canadas foodtech sector is on full display, said Dana McCauley, CEO of the Canadian Food Innovation Network. From cutting-edge AI applications to innovative health-focused products, each project will help aim us towards a more sustainable, efficient, and nutritious food system.Innovations in the Canadian foodtech sector will allow the industry to improve processes through new technologies that will ensure the sustainability of food production for Canadians, agreed federal minister Fran\xe7ois-Philippe Champagne.Among the 11 projects, two hail from British Columbia.One of those two is Freshline. Our latest work with AI demonstrates our commitment to innovation, helping our clients achieve new levels of efficiency and focus on what matters mostserving their customers.Were excited about the potential of these tools to simplify complex processes and support food distribution operators across Canada, the entrepreneur added.The other project receiving capital this month is Spoitz Enterprises.Spoitz is investigating the fermentation of Canadian seaweed to enhance its functional food properties, such as antioxidant strength and gel structure. By optimizing low-cost processing, this project supports the development of seaweed-based products that simultaneously benefit marine habitats and marginalized coastal communities in Western Canada.There is tremendous capacity to develop unique bio-based seaweed platforms on Canadas west coast by focusing on product-based solutions, believes Spencer Serin, chief executive officer of Spoitz. We remain committed to playing a role in defining unique properties of this sustainable resource and pushing the boundaries of current Canadian knowledge.CFINs Innovation Booster provides funding and support to small businesses to help them accelerate product development, overcome innovation hurdles, and validate market fit.During this 11th round of Innovation Booster funding, CFIN received 58 applications from across the country.In total, 61 Canadian foodtech companies have received a total of $5M from this program since it was established as part of Canadas Strategic Innovation Fund in 2021.Across all programs, the CFIN has awarded more than $20M to 91 Canadian foodtech projects.
Funding
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