MONTREAL, May 15, 2024 – 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.
SOURCE Relocalize
