A Victoria business that made waves after appearing on Dragons’ Den has now gone public with shares listed on the Canadian Securities Exchange (CSE).
The Very Good Food Company, which has a line of plant-based meat alternatives under the brand The Very Good Butchers, began trading on the CSE (formerly known as the Canadian National Stock Exchange) on June 18. The company was issued 16,100,000 common shares at a price of 25 cents per share, resulting in gross proceeds of approximately $4,025,000.
In 2018, The Very Good Butchers showcased their products on an episode of Dragons’ Den, about a year-and-a-half after opening their doors. They are one of only two vegan butchers in Canada.
Before opening the storefront location in the Victoria Public Market, the company was already successful on the farmers market circuit. On opening day of the retail store and restaurant, the company location saw more than 1,000 people looking to purchase products. They had to close the doors for one week while they restocked.
The store is also online, where customers can subscribe to monthly deliveries of an assortment of vegan goods.
Chief executive and director Mitchell Scott said the $4 million proceeds the company received from going public will likely be used to accelerate expansion plans, including the launch of a Vancouver location, and to continue researching and developing innovative new products to increase market share.
“This initial public offering is a critical milestone for The Very Good Food Company, as it provides us with the capital to realize our vision of becoming a global leader in food technology, and providing a healthier alternative to existing options available to consumers,” Scott said in a news release. “We intend to scale our operations aggressively, establish a market leadership position and continuously reinvent in creating the highest quality, most innovative plant-based products.”
The company can be found on the CSE under the symbol “VERY.”