Good Protein raises US$90M to expand plant-based protein drinks business
The Montreal-based company has sold more than 100 million shakes and supplies over 4,500 stores across Canada.
CANADA – Montreal-based Good Protein has raised C$128 million (US$90 million) to support product development, strengthen its Canadian market presence and expand internationally.
The investment was led by US growth equity platform Semcap Food & Nutrition, alongside Canadian investors Farm Credit Canada, Roynat Equity Partners and Fondaction. Del Monte Corporation also participated.
Founder and chief executive Edward Lalonde and the existing management team will continue to lead the business and retain majority ownership.
“We’re incredibly proud of the momentum Good Protein has built in Canada and the trust we’ve earned from our customers. This partnership with SEMCAP marks an exciting next chapter, bringing not only capital but deep retail expertise, valuable relationships and access to new markets and talent. Together, we see tremendous opportunity to expand our reach while staying true to the products, quality and values that have made Good Protein successful from day one,” Lalonde said.
Lalonde established Good Protein in 2019 as a one-person operation. Its plant-based shakes are available in more than 4,500 stores across Canada, alongside a direct-to-consumer e-commerce channel. Good Protein said it has sold more than 100 million shakes in 20 flavours.
Its flagship All-in-One Shake provides 21 grams of plant protein and seven grams of fibre per serving. The range is free from dairy, soy and gluten.
Kate Storey, partner at SEMCAP Food & Nutrition and head of its Vancouver office, said the company had repositioned protein shakes for grocery shoppers.
“Protein shakes used to live in the gym and the supplement aisle. Good Protein moved them into the family grocery cart and made them accessible with a clean, nutrient dense, delicious product that people genuinely want to drink every day. That is exactly the kind of consumer shift we invest behind. Our job is to bring our experience, connections, and capital and keep Edward connected to people who can help him achieve his vision at scale,” Storey said.
The funding will support growth in Canada, new product development and future geographic expansion, according to the announcement.
The investment comes amid deal activity involving nutrition-focused brands. Danone acquired Huel for US$1.1 billion this year, while Nestlé bought Yfood for US$450 million. Lactalis acquired Protein Works, which makes plant-based products, for an undisclosed amount.
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