Claridge Food Group announces a $40M investment in WeCook Meals
by CM Staff
The company aims to accelerate its annual sales growth (exceeding four million meals in 2021), relying primarily on its food processing background and digital marketing strategy.
MONTREAL — Claridge Food Group announces a strategic investment of $40 million in WeCook Meals, a ready-to-eat food processor in Quebec and Ontario. As part of this major transaction, that is the first investment of the financial vehicle created to stimulate the development of Quebec’s food processing and manufacturing industry, Investissement Québec becomes a co-investor through a $13 million investment, and Desjardins Capital, who had participated in two previous funding rounds of WeCook Meals, in 2020 and 2021, reinvests $3 million in the company in addition to joining the new investment vehicle.
“This major investment marks a new step in WeCook Meals’ development plan. We have experienced strong growth over the past few years, and this capital injection combined with Claridge Food Group’s industrial expertise will allow us to strengthen our position as the leading ready-to-eat delivery company in Quebec and Ontario and accelerate our growth across Canada. We want to be clearly recognized as the benchmark ready-to-eat meal brand for all Canadians,” says Étienne Plourde, founder and CEO of WeCook Meals.
The Canadian food delivery market combined with online commerce is growing at an accelerated pace and was estimated to be worth over $5 billion in 2021. The company aims to accelerate its annual sales growth (exceeding four million meals in 2021), relying primarily on its food processing background and digital marketing strategy.
“We want to raise awareness of our unique offering to increase our customer base and gross revenue. Our nimble business model allows us to manage the impact of inflation on food prices, as well as adapt the choice of ingredients offered in our weekly menu. This investment will allow us to accelerate the prepared and ready-to-eat meal revolution by offering consumers a wider selection of healthy, tasty, and convenient meals at affordable prices,” added Plourde.
“The agri-food industry is a flagship sector of our economy and one of Investissement Québec’s priority industries to ensure sustainable economic development throughout Quebec. We’re proud to participate in this round of financing to help a young company like WeCook Meals realize its growth plans and to continue the unifying role we are committed to playing in the financial ecosystem, particularly in facilitating access to development capital,” says Guy LeBlanc, President and CEO of Investissement Québec.