This vegan cheesecake brand is about to go public
Vegan food company Nabati Foods has plans to go public on the Canadian Stock Exchange after an oversubscribed fund raise of $ 7.7 million. Based in Edmonton, AB, the company was founded in 2014 and has four signature product lines including vegan cheesecake, cheese and meat, which are sold across North America in the food, hospitality and industrial sectors. Nabati plans to use the new funds for the planned stock exchange transaction as well as to expand sales in the USA, build a larger production facility, develop new product lines and reorganize the company into Nabati Foods Global Inc. with new corporate headquarters in Vancouver, BC. Last year, Nabati joined the public portfolio of vegan brands at investment issuer Eat Beyond.
“We are very pleased about the interest we have received. Our team has put the effort into building a company with the highest quality herbal products and that commitment to quality is starting to pay off as demand has exploded over the past year, ”said Ahmad Yehya, CEO of Nabati. “This funding puts Nabati in an even more robust position to expand our manufacturing capacity to meet growing demands from food, food service and industrial customers while supporting product development and innovation.”
Vegan companies go public
Nabati’s plans to go public follow those of other successful vegan food companies. Beyond Meat was the first vegan meat company to go public in May 2019, and on the first day of trading, share prices soared 163 percent. In Canada, The Very Good Food Company – the parent company of the Canadian vegan brand The Very Good Butchers – saw its share value jump 800 percent after its first few days of trading on the Canadian stock exchange in June 2020.
In February, the oat milk brand Oatly filed plans for an IPO with the Securities and Exchange Commission. San Francisco-based startup Eat Just – maker of vegan JUST Egg – sees an IPO as a funding event following the shift in consumer behavior towards herbal products during the COVID-19 pandemic.