Del Monte Invests in Good Protein’s $90M Funding Round for Plant-Based Shake Growth

Canadian startup Good Protein, known for its plant-based shakes, has secured C$128M ($90M) in funding from investors including Semcap and Del Monte, which it will use to develop new products and enter new geographies.

Good Protein, a Montreal-based producer of plant-based protein drinks, has closed a C$128M ($90M) funding round to expand its product range and footprint beyond Canada.

The investment was led by US growth equity platform Semcap Food & Nutrition and a consortium of Canadian backers, including Farm Credit Canada, Roynat Equity Partners, and Fondaction. Produce giant Del Monte Corporation also participated in the round.

It is the largest sum raised by an alternative protein company this year, surpassing Solar Foods’s €77.8M (then $89M) grant and loan financing in June. The next-best capital infusion for a plant-based firm came via Michigan state’s $56.2M grant for Fenton Food and Beverage to build a plant-based milk factory.

Plant-based protein shakes packed with fruits, vegetables and probiotics

Founded by Edward Lalonde in 2019, Good Protein makes a range of clean-label vegan protein shakes and drinks, and has become one of Canada’s fastest-growing grocery brands.

Its flagship all-in-one protein shakes come in powdered form with a long yet clean list of ingredients to deliver 21g of complete protein (from yellow peas and milled golden flaxseed), 7g of fibre, and over 20 vitamins, minerals and micronutrients per serving. They come in 15 flavours and feature a blend of 19 fruits, vegetables and mushrooms, plus probiotics and digestive enzymes.

Good Protein also sells a line of higher-protein shakes with 32g of pea protein per 47g scoop, which come in peanut butter and jelly, chocolate milk, and French vanilla flavours, as well as ready-to-drink protein milkshakes with 21g of protein per 355ml bottle.

Aside from shakes, the brand’s protein includes clear protein drinks, built from a base of hydrolysed pea protein. Available in watermelon candy, peach rings, and pink lemonade flavours, each 14.5g water-soluble powder sachet offers 10g of protein, alongside electrolytes.

Moreover, Good Protein makes a plant-based collagen booster, a dairy-free adaptogenic turmeric latte, and a range of superfood juice powders. Its products are sold in around 4,500 stores across Canada, including Costco, Walmart, Whole Foods and Sobeys.

“We’re incredibly proud of the momentum Good Protein has built in Canada and the trust we’ve earned from our customers,” said Lalonde, the company’s CEO.

“This partnership with Semcap marks an exciting next chapter, bringing not only capital but deep retail expertise, valuable relationships and access to new markets and talent. Together, we see tremendous opportunity to expand our reach while staying true to the products, quality and values that have made Good Protein successful from day one.”

Good Protein eyes expansion beyond Canada

With the fresh capital, Good Protein is now aiming to deepen its penetration within the Canadian market while also eyeing an entry into other geographies. It will further support the development of new plant-based protein products.

Research points to surging demand for plant-based food in Canada, where 24% of people are actively trying to eat more of these products, and another 30% are interested in following suit. Meanwhile, two-thirds of consumers are buying more high-protein foods than they were a year ago, just as the share of omnivores declines from 67.6% to 55% and flexitarians doubles to 9.4%.

This protein boom can also be seen in the US, where nearly three in five (57%) consumers are prioritising protein this year. It’s a shift accelerated by the rise of GLP-1 drugs, users of which doubled last year and are eating 40% more protein and 30% more fibre.

“Protein shakes used to live in the gym and the supplement aisle. Good Protein moved them into the family grocery cart and made them accessible with a clean, nutrient-dense, delicious product that people genuinely want to drink every day. That is exactly the kind of consumer shift we invest behind,” said Kate Storey, partner at Semcap and head of its Vancouver office.

Semcap said Good Protein’s profile as a founder-led brand trusted by consumers and shaping the category’s future fits the bill for its investment approach. It has a strong track record in scaling standout better-for-you brands, such as Purely Elizabeth (which is set to be acquired by Ferrero Group for $850M) and Good Culture (bought by L Catterton in a deal worth over $500M).

“While Good Protein has already crafted a strong brand and leadership position, we see significant headroom, especially for a product so in step with today’s health-minded consumer,” said John Haugen, managing partner of Semcap.

“During our team’s decades of work in the food space, we’ve seen what happens when a founder-led brand with real consumer loyalty gets the right operating support behind it. Good Protein has that same profile, and we’re proud to partner with Farm Credit Canada, Del Monte Corporation, and other Canadian-based investors to facilitate the brand’s next stage of growth.”