MONTREAL, May 15, 2024
/CNW/ - Relocalize, a Quebec-based
cleantech startup, today announced the 2nd closing of its
$5.8 million seed funding round to
scale up its autonomous microfactory platform, raising $1 million more capital than originally
anticipated.
Relocalize cuts greenhouse gas emissions and costs by deploying
microfactories at grocery distribution centers to produce food and
beverages hyper-locally. By decentralizing production, Relocalize
is able to eliminate 100% of middle-mile transportation and de-risk
supply chains.
This seed extension was spearheaded by Desjardins Capital with
ongoing support from initial seed investors, including i4 Capital,
Waterpoint Lane, and RGS Ice. The investment will be used to
accelerate the development and deployment of Relocalize's
technology platform and deploy full-scale microfactories in
Canada and the United States. The company plans to double
its engineering team in the coming months to meet strong demand
from retailers in the packaged ice market segment.
D. Wayne McIntyre, CEO of
Relocalize, emphasized the impact of the new funding: "Bringing
on a capital partner like Desjardins Capital at the seed stage
gives our vision for a truck-free future for manufactured foods a
huge boost. We'll be moving quickly to scale up deployments of our
first-to-world micro-factories with grocery retailers."
Nathalie Bernard, Chief Operating
Officer at Desjardins Capital, said: "Relocalize's vision is to
provide solutions to reduce the environmental impact of food and
beverage production and transportation. This investment is
consistent with Desjardins Group's objective of achieving, by 2040,
a net zero emissions balance sheet on its extended operations and
on its equity financing and investment activities in three key
carbon-intensive sectors: energy, transportation and real
estate."
This seed round extension follows the first seed round closing
of $3.5M in September, led by i4
Capital, a Quebec-based deeptech
fund, Waterpoint Lane, a Toronto-based impact fund and RGS Ice based in
California.
About Relocalize
Relocalize is pioneering the transformation of the food system
sustainability through decentralized production. Their
autonomous production platforms, strategically positioned in
retailer distribution centers, aim to disrupt traditional food and
beverage industries by eliminating unnecessary transportation and
associated emissions. For more information, visit
https://www.relocalize.com/.
About Desjardins Capital
Backed by 50 years' expertise, Desjardins Capital's mission is
to contribute to the prosperity of individuals and communities by
investing in the growth of Quebec
businesses. With assets under management of $3 billion as of December
31, 2023, Desjardins Capital contributes to the longevity of
nearly 760 companies, cooperatives and funds in various sectors of
activity from all regions of the province. In addition to
contributing to socio-economic development, productivity and the
adoption of sustainable practices, this subsidiary of Desjardins
Group offers entrepreneurs access to a broad business network,
enabling them to be accompanied and supported in their
projects.
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SOURCE Relocalize