OATBOX RAISES $5.4 MILLION TO BOOST EXPANSION PLANS
Montreal-based Oatbox, a producer of Canadian organic oat products, has raised C$7 million (€5.33 million) from strategic investors to accelerate growth and drive the production of Canadian organic oat milk.
Since it was established in November 2014, the startup has delivered “hundreds of thousands” of boxes to customers. The company also entered grocery stores in 2019, where it has differentiated itself using some novel branding for its products.
“This investment is a vote of confidence in our brand and business model,” said Oatbox CEO and co-founder Marc-Antoine Bovet. “It will fuel our ambition to be the reference in Canadian organic oat-based products.”
Oat milk focus
The company has been working on the development of an oat milk made with Canadian organic oats. The new funds will allow the company to invest in the construction of a production line of an international standard. “Thanks to this major investment, Oatbox will remain at the forefront of trends and offer customers additional products. Oatbox will also be able to sell its oat base to other manufacturers, answering to an increasing demand,” said Bovet.
The funding, which comes after a complete rebranding, will also go towards accelerating the company’s expansion in grocery stores in the rest of Canada. Oatbox will get hands-on investor support in marketing, operations and food distribution to help drive faster growth.
Last November, Oatbox unveiled a new vision and business model moving it on from a breakfast subscription product. “The planet needs us to find new ways to feed ourselves,” commented Bovet. “Part of the solution was under our nose: oats are local, healthy and nutritious – with a low environmental footprint. That is how our team came to the realisation that we had to move from a breakfast brand to an impact brand where Canadian organic oats are exploited to their full potential.”
The company then launched a new brand identity, revisited its product recipes to make them 100% organic, vegan and GMO-free; and made its packaging recyclable. Oatbox products are available on its website, in major grocery stores, and in a number of independent stores.