Borealis Foods Inc., a Toronto, Canada-based food tech company developing ready-to-eat meals, received a USD$25 million secured credit facility.
FrontWell Capital Partners provided the financial resources.
The facility, comprised of a revolver and a term loan, will be used by the company to refinance its existing debt and provide additional working capital liquidity to support growth and expansion.
Led by Reza Soltanzadeh, Chief Executive Officer, Borealis has created ramen meals that are organic, vegan, vegetarian, Halal, Kosher, plant-based, egg and dairy free, non-GMO, MSG free, and TBHQ free, and are manufactured with recyclable packaging. The food tech innovation company is known as the creator of Chef Woo – a high protein vegan ramen noodle brand made by its subsidiary Palmetto Gourmet Foods, headquartered in Saluda, S.C., food plant. Chef Woo and Ramen Express ramen meals can be found in approximately 20,000,000 retail locations across the US and Canada, including Walmart USA, Costco, Aldi, and Amazon.
In July 2023, Borealis Foods announced that multi-Michelin-starred chef and international businessman Gordon Ramsay joined the company as a shareholder and will serve an advisor and brand ambassador.
Privately held, Borealis Foods is due to complete its announced transaction with Oxus Acquisition Corp, and list on the Nasdaq in late 2023.
Borealis Foods Inc., a Toronto, Canada-based food tech company developing ready-to-eat meals, received a USD$25 million secured credit facility. Best wishes to everyone in the group. This will be a huge accomplishment for them in the future.
Shishir Gupta, The Founder & CEO of StartupLanes
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