Plant-Based Shake Brand Good Protein Secures C$128M as Del Monte Joins SEMCAP-Led Deal

Montreal-based Good Protein, known for its dairy-free, all-in-one protein shakes, has secured C$128 million (approximately US$91 million) in funding led by SEMCAP Food & Nutrition. The investment involves a consortium of Canadian investors, including Farm Credit Canada, Roynat Equity Partners, and Fondaction, along with participation from Del Monte Corporation. Founder and CEO Edward Lalonde expressed pride in the company's growth in Canada and emphasized the partnership's potential to enhance market reach, leveraging SEMCAP's expertise and resources.

Since its founding in 2019, Good Protein has expanded its distribution to over 4,500 stores across Canada and operates a direct-to-consumer e-commerce platform, selling more than 100 million shakes in various flavors. The brand seeks to penetrate the Canadian market further and develop new products while contemplating geographic expansion. SEMCAP's leadership noted a significant opportunity for Good Protein to grow, given its strong brand loyalty and alignment with health-conscious consumer trends, exemplifying their commitment to nurturing founder-led brands poised for success.