Eat Beyond Global Holdings Inc., an investment issuer focused on the global plant-based and alternative food sector, is announcing that its portfolio company Nabati Foods Global Inc., formerly Nabati Foods Inc., has closed an oversubscribed $7.7 million private placement, and has restructured with plans to go public.
The net proceeds will be used to fund the Nabati’s proposed go-public transaction as well as for business development, working capital, plant expansion, and to purchase equipment to expand production capacity and develop new product lines.
Founded in Edmonton, Nabati is a fast-growing food tech company offering whole, natural, plant-based foods for health-conscious consumers.
“Once the financing was announced for Nabati, the company received thousands of inquiries from interested parties looking to invest,” Eat Beyond CEO Patrick Morris said. “This new capital can help to catapult Nabati to the next level by enabling the company to expand its production capacity to meet the ever-growing demand for its products. Eat Beyond looks forward to working closely with Nabati to support their innovation, growth, and expansion.”
Nabati currently offers three plant-based product lines including dairy-free cheesecakes, cheese alternatives, and plant-based meats, with plans to add more innovative product lines. Nabati products are sold across North America via grocery, online, foodservice and retail channels.
“Nabati has seen unprecedented growth over the past year, despite the uncertainty consumers are facing due to the COVID-19 pandemic,” said Ahmad Yehya, CEO of Nabati. “We designed our products and mix of distribution channels to be able to weather economic challenges, and we are now seeing the fruits of that labour.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.