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Bettermoo(d), the Canadian plant-based dairy startup backed by rock legend Bryan Adams, is now gearing up to go public. The brand, which is set to release its Moodrink line of dairy-free milk this winter, announced an agreement with Happy Supplements Inc. for a potential go public transaction to be listed on the Canadian Securities Exchange.
Bettermoo(d) is planning to go public on the Canadian Securities Exchange via an agreement with publicly listed Happy Supplements Inc., which trades under the ticker “HAPY”. The agreement will see Happy acquire all outstanding shares of bettermoo(d) for consideration of 9 million shares and 10 million warrants of Happy, making the dairy-free startup a part of a publicly-traded company.
The Vancouver-based startup, which has gained the backing of Canadian rock legend and plant-based advocate Bryan Adams, says going public would open up new funds and access to an investor base to “rapidly further ambitions of becoming a plant-based dairy alternative market leader”.
Moodrink to launch this winter
Bettermoo(d)’s news comes as the company gears up to launch its first product line, Moodrink. The dairy-free milk range is made from gluten-free oats and a proprietary blend of herbs, which is said to emulate the taste of free-range pasture raised cow’s milk from the Alps regions of Switzerland, France and Austria.
Moodrink’s first flavour, Original, is slated to land on shelves this winter in select retail locations in Canada and through e-commerce. The brand says that more flavours will follow, including Vanilla, Matcha and Chai. All of its dairy-free milks are 100% vegan, lactose-free and gluten-free.
Developing an entire alt-dairy line
Bettermoo(d) says that its plan to go public will help finance its ambitions to offer a “full spectrum” of dairy alternatives. Other than developing vegan milk, the team is now working on substitutes to butter, yogurt, cheese and even créme fraiche and sour cream.
The plant-based dairy space is a huge and growing market, accounting for a significant portion of the record $7 billion in vegan food retail sales in the US last year. According to the data, vegan milk was the largest category of all, representing 35% of the sales, while non-milk dairy-free items like vegan yogurts, butter and cheese altogether reached around $2 billion in sales.
Experts believe that the trend won’t be slowing down anytime soon, with vegan products becoming popular with many mainstream shoppers who aren’t exclusively plant-based, but are flexitarians looking to minimise their meat and dairy intake for sustainability, health and ethical reasons. As many as 4 in 10 consumers globally are now flexitarians, a recent Euromonitor poll found.
Nima Bahrami, CEO of Bettermoo(d) says the firm is “incredibly encouraged by the increasing demand” as the startup gears up to launch its first range, adding that it will strive to “continue to build our presence to broader audiences” in the future.
Plant-based IPO trend
If the go public transaction is successful, Bettermoo(d) will join a growing list of vegan publicly-traded companies, among them fellow Canadian firms The Very Good Butchers and Modern Meat, which were the second and third plant-based startups in the world to launch an IPO after pioneer Beyond Meat.
Veganz, Europe’s largest plant-based retailer based in Germany, has also announced plans to go public. Reports have also been circulating about mung bean egg maker Eat Just and vegan burger giant Impossible Foods floating on the stock market soon.
All images courtesy of Bettermoo(d).