Relocalize, a pioneering cleantech startup, has announced the successful completion of the 2nd closing of its seed funding round, raising a total of $5.8 million. The round, which exceeded initial expectations by $1 million, underscores growing investor confidence in Relocalize’s innovative approach to decarbonizing food supply chains.
Relocalize’s groundbreaking platform leverages autonomous microfactories deployed at grocery distribution centers to produce food and beverages locally, significantly reducing greenhouse gas emissions and costs associated with traditional supply chain logistics. By decentralizing production, Relocalize eliminates the need for middle-mile transportation, thereby mitigating supply chain risks and enhancing sustainability.
Desjardins Capital led the seed extension round, demonstrating its commitment to supporting disruptive cleantech solutions. The investment round also saw continued participation from initial seed investors, including i4 Capital, Waterpoint Lane, and RGS Ice. The infusion of capital will fuel Relocalize’s efforts to accelerate the development and deployment of its technology platform, with plans to establish full-scale microfactories across Canada and the United States.
D. Wayne McIntyre, CEO of Relocalize, expressed enthusiasm about the impact of the additional funding on the company’s growth trajectory: “Securing Desjardins Capital as a strategic partner at this stage represents a significant milestone for Relocalize. With their support, we are well-positioned to advance our mission of revolutionizing food manufacturing and distribution, paving the way for a more sustainable and resilient future.”
Nathalie Bernard, Chief Operating Officer at Desjardins Capital, highlighted the alignment between Relocalize’s vision and Desjardins Group’s sustainability objectives: “Relocalize’s innovative approach aligns closely with our commitment to reducing the environmental footprint of food production and transportation. This investment reflects our dedication to supporting initiatives that contribute to a greener, more sustainable future.”
The seed round extension follows Relocalize’s initial seed round closing of $3.5 million in September, which was led by i4 Capital, Waterpoint Lane, and RGS Ice. The company’s rapid progress underscores the growing demand for innovative solutions that address the environmental challenges facing the food industry.
As Relocalize continues to scale its operations and expand its engineering team to meet rising demand from retailers, the company remains steadfast in its mission to drive positive change in the food supply chain landscape. Through relentless innovation and strategic partnerships, Relocalize is poised to lead the charge towards a more sustainable and resilient food system.
