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Exclusive: Ingredient supplier Above Food is raising $35M

Illustration of a farmer bending over rows of plants shaped like dollar bills

Illustration: Sarah Grillo/Axios

Above Food is in the process of raising $35 million to fund working capital and inventory, president Martin Williams said at the ICR Conference held in Orlando.

Why it matters: The Canadian supplier of plant-based specialty ingredients is preparing to go public via a merger with SPAC Bite Acquisition Corp.

Details: Above Food aims to complete the transaction with Bite and be listed by the end of March, Williams said.

  • The company has completed eight acquisitions as part of its expansion.

By the numbers: The company generated revenue of $149 million during fiscal 2022 and $293 million during fiscal 2023.

  • It is estimating it will generate about $331 million in fiscal 2024 with the addition of Atlantic Natural Foods.
  • Above Food has a "robust" M&A pipeline, in addition to existing infrastructure, to support revenue generation of up to $650 million, Williams said.

Zoom in: Above Food is a supplier to some of the largest CPG companies and largely sources its products from Canadian farmers who utilize regenerative cultivation practices, Williams said.

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