Plant-based food company, The Very Good Food Co., continues to grow with $15M financing round and increase its Very Good offering.

August 13, 2020
Vancouver, British Columbia, August 13, 2020 —  The Very Good Food Company (VGF) announces $8.5M ($15M with warrants) in the closing of oversubscribed funds from the public offering, partnerships with three logistic providers, and increases to production output.
 
CEO Mitchell Scott says, "We are delighted with the closing of this oversubscribed financing, which will support key components of our growth strategy, such as expanding our operations into the United States. This will allow the VGF to access a very large and growing market for plant-based foods. We look forward to updating our shareholders as we progress into the next phase of our growth objectives."

Plant-based food is a fast-growing industry, and meeting the demand can be challenging:
  • Additional proceeds will fuel the growth strategy to allow for expansion sooner.
  • The improvements to logistics will allow us to reach anywhere in North America in 2-3 days via ground transportation.
  • Increasing production in the Victoria facility has been a high priority and VGF is working to increase production from 8,100 lbs per week to 19,800 lbs.
 
CEO Mitchell Scott stated: “The 3PL hubs were the next critical step in building our e-commerce business to be truly scalable. Previously, all shipping was centralized out of our Victoria facility, which delayed shipping times for customers and required cost-intensive air mail.”
 
To learn more about the Very Good Food Co., click here.


About The Very Good Food Company
The Very Good Food Company Inc. is an emerging plant-based food technology company that designs, develops, produces, distributes, and sells a variety of plant-based meat and other food alternatives. Our mission is to employ plant-based food technology to create products that are delicious while maintaining a wholesome nutritional profile. To date, we have developed a core product line under The Very Good Butchers brand.

For further information, please contact investor relations:

Email: invest@verygoodbutchers.com
Phone: +1 855-472-9841
 
Forward-Looking Information

This news release contains forward-looking information. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar expressions. The forward-looking information contained or referred to in this news release includes, but may not be limited to the general scalability of operations and sales.

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