How New School Foods’ salmon alternative is capturing the attention of investors and retailers

As the global demand for protein continues to grow, companies across Canada’s ingredient manufacturing, food processing and bioproducts space are establishing themselves as the innovators to turn to for a diverse selection of healthy, sustainable options. Major retailers are taking notice—both domestically and internationally.

In August 2024, Ontario-based New School Foods announced their latest round of funding commitments, with one of the most notable being an investment from Inter IKEA Group. The partnership builds on both the attention New School Foods has gained for its plant-based salmon alternative, and IKEA’s commitment to increase the plant-based options in its in-store cafeterias.

“We had the chance to get to know the incredible team at IKEA for well over a year before the investment,” New School Foods Founder Chris Bryson said. “They’re a leader in the climate space and have demonstrated that they’re interested in new technologies that enable more sustainable supply chains. We visited with them a few times and demonstrated our product as it evolved, showcasing our progress.”

New School Foods’ plant-based salmon alternative has been gaining attention among investors and media for the past few years. Considered unique in the market, the filets have the taste and texture of traditional salmon, as well as the same cooking experience. As the company works toward fully commercializing the product, they’re continuing to focus on scaling and optimizing their operations while improving product quality.

“At the end of the day, product quality comes first because the customer comes first. By creating an incredible product, we believe we can break into a more mainstream market than other products in our industry, and appeal to a wider customer audience,” Bryson said. “That’s why every month, our product gets better, and that’s something we’ll never stop doing. It’s also why we’re always talking to both restaurants and customers that are plant-based, as well as those that aren’t.”

Bryson credits this drive to discuss their product with a range of potential investors and end-use customers, and listen to their feedback, as one of the reasons why investors such as IKEA have been willing to invest in the product. He explained that a company looking for, accepting and acting on feedback or criticism helps validate their roadmap and product—a validation, he said, that many investors are highly interested in.

He hopes to see that, and the plant-based salmon’s high quality, help New School Foods reach new investment milestones in their next funding round. For now, however, he and his team will continue their focus on creating the best possible product for commercialization.

“There’s a commonly-held view that our products and technology are extremely different from what others are doing, providing us a unique advantage. Most recently, the market feedback we’ve gotten has been a strong corroboration of our progress,” Bryson said.

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