Investments & Finance

Protein Industries Canada Receives $150M CAD in Federal Funding for Next Five Years

Protein Industries Canada (PIC) announces it has received $150M CAD in funding from the Canadian government to continue to accelerate plant-based protein innovation. François Philippe Champagne, the country’s Minister of Innovation, Science and Industry, today announced the renewal as part of a $750M investment into the Global Innovation Cluster program.

“As a global agricultural powerhouse, Canada has the means, resources, and skill to turn crops into food”

The renewed investment brings the total funding of the consortium to $353M from 2018 through to 2028, including $30 million from the Pan Canadian Artificial Intelligence Strategy. 

“As a global agricultural powerhouse, Canada has the means, resources, and skill to turn crops into food – and transform the way the world eats, while also bringing solutions to some of the world’s most pressing challenges, including global food security, the environment and human health,” said Bill Greuel, CEO of Protein Industries Canada.

Canada Chickpeas
© Protein Industries Canada

He continued, “This renewed investment into Protein Industries Canada will support continued innovation, scale-up of companies and the commercialization of new products in Canada’s plant-based food, feed and ingredient sector, helping us reach the goal of a $25 billion industry by 2035.” 

Meeting targets

PIC was founded in 2018 – in its first tranche of funding from 2018-2023, the organization co-invested $173 million CAD into 55 projects, including plant-based steak by Wamame Foods, the development of higher-protein pea varieties, creating oat protein with Oat! Canada, and helping to launch an alt-seafood line, among many other initiatives.

All told, PIC’s initial investment has gone on to leverage $304 million in private investment, created 303 IP assets, and helped companies leverage a further $234 million in follow-on investment. The group’s projects are expected to contribute $15 billion in GDP and create 10,800 direct and indirect jobs by 2031 – which meet or surpass every target set by the organization.

Oat Canada oat milk
©Oat Canada

“Canadian-made solution”

PIC says its next round of programming will be announced in the coming days. 

“We appreciate the vision and support of the federal government to advance innovation and increase Canada’s productivity and competitiveness,” shares Greuel. “With another five years of runway, we will be able to continue working with our members and the larger sector to establish the Canadian ecosystem, offering a Canadian-made solution to a global food challenge and contributing to Canada’s economy.”

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