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Whiteboard Foods Opens Seed Fundraising Round

A Letter from General Manager, Prashant Jairaj

To our community,

Following our affiliated parent company, Spiderwort Inc., raising an impressive $13.2M USD in its Series A round just last year, Whiteboard Foods is now positioned to take its next leap. Drawing on Spiderwort’s proprietary, cellulose-based scaffolding technology, the team at Whiteboard Foods has been working hard on new and innovative commercial applications to usher in the next era of alternative meats that taste incredible, and are better for you and the planet.

Our pioneering efforts have not gone unnoticed. In 2021, we were honoured to receive recognition in the XPRIZE Feed The Next Billion competition for our prototype cell-cultivated salmon fillet. More recently, through the incredible work of our cross-functional teams, we saw our plant-based smoked salmon portfolio test on par with real seafood products in overall experience. This valuable and ongoing feedback underscores and validates our commitment to pushing the boundaries in food tech and highlights our promise to address global food sustainability challenges without compromising quality.

The Road Ahead

Consumer interest in plant-based diets is undeniably on the rise. In 2020, Forbes noted U.S. retail sales of plant-based foods grew by 11.4%, outpacing the growth of total food sales by five times. Further corroborating this trend, The Good Food Institute reported plant-based food sales in the U.S. reached $7 billion in 2021, marking a 27% growth over the preceding two years—a rate that substantially exceeded the average growth for the entire U.S. retail food market. On a global scale, a survey conducted by research firm Ipsos revealed a staggering 65% of consumers worldwide had either adopted or were contemplating a shift to a plant-based diet. While in Canada, a study by Dalhousie University and the University of Guelph found nearly 32% of Canadians viewed themselves as “flexitarians” — individuals who consciously limit their meat intake. And it's not just a fleeting trend: a separate report by Mintel noted, 23% of Americans claimed they consumed more plant-based foods during the pandemic, with Gen Z and Millennials at the forefront of this transition. While the demand is evident, consumers still crave the sensory and flavour experience to mirror conventional meat products, a critical factor in habit formation. With this in mind, our goal is clear: to create the canvas for delicious foods that are better for you, and the planet. To achieve this, we are thrilled to announce the opening of our seed fundraising round.

This pivotal round will be dedicated to scaling our production capacity, commercial strategy, and investment in the development and delivery of a diverse suite of plant-based meats, as well as further development of our cell-cultivated portfolio with future commercialization in mind.

Join Us in this Endeavour

For those who share our vision to reimagine the long-term potential and sustainability of our food ecosystem by elevating the excitement, accessibility, and adoption of plant-based foods, and see the transformative potential in our mission, this round represents an exciting opportunity to be part of a critical shift in the food industry.

We warmly invite all interested parties to learn more about our global impact potential, technological advancements, and investment and partnership opportunities.

Thank you for your support in Whiteboard Foods and we look forward to sharing more.

Warmest regards,

Prashant Jairaj

Whiteboard Foods Inc.

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