Opalia Attracts CAD $2 Million in Funding to Accelerate its Development of Cell-based Milk

Publication Opaliafoods - 2024 about our investment in Opalia 

MONTREAL, March 7, 2024 - Led by the Netherlands-based Hoogwegt Group, other investors include Ahimsa Foundation, Box One Ventures, Cycle Momentum, Kale United, and the Québec government, through their Impulsion PME program, managed by Investissement Québec. Opalia also received funding from Natural Products Canada in their Proof of Concept program.

"This funding marks a significant step for Opalia as it prepares to collaborate with commercial partners ahead of launching its inaugural product into the market. With Hoogwegt leading our round, we've not only gained essential customer validation but also tapped into their extensive network and global market expertise, setting the stage for Opalia's success." Jennifer Côté, Opalia’s CEO.

With its innovative and sustainable approach to making milk, Opalia is uniquely positioned to capture a significant part of the dairy market. By using mammary cells instead of the entire animal, Opalia can better serve the evolving customer landscape who requests more environmentally friendly dairy products without compromising on taste, functionality or nutritional benefits.

 “As a premier buyer and supplier of dairy and plant based ingredients, we recognize and support the market's increasing drive to lower carbon emissions, particularly in alignment with the commitments made under the Paris Agreement. We see rapid growing interest in our markets for environmentally friendly solutions whilst retaining the beneficial qualities of traditional dairy. We are already actively engaged in initiatives aimed at reducing emissions in the supply chain. With our investment in Opalia we underline the imperative to explore sustainable alternatives. We are convinced that Opalia's cow-free milk represents a key component of the future sustainable dairy supply chain and eagerly anticipate the launch of Opalia's inaugural product.” Roland Wientjes, Global Technology Director of Hoogwegt Group.

“Opalia has an innovative solution for reducing our carbon emissions. It’s the only company in Canada to use this method, which is directly in line with our goal of making Québec the first carbon-neutral state in the Americas by 2050,” said Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister responsible for Regional Economic Development and Minister responsible for the Metropolis and the Montréal Region.

"Investissement Québec is proud to support companies like Opalia, which are doing nothing less than revolutionizing their industries to ensure a more sustainable future. With Impulsion PME, we have all the tools we need to support the development of innovative entrepreneurs every step of the way.” Bicha Ngo, President and CEO, Investissement Québec.

About Impulsion PME

Impulsion PME, a program managed by Investissement Québec as an agent of the Government of Québec, helps new, innovative companies with high growth potential to gain access to start-up capital. This program was renewed in April 2023 with $120 million in additional funding from the 2022–2027 Québec Research and Innovation Investment Strategy (QRIIS) and the 2022–2025 Québec Life Sciences Strategy (QLSS).

About Opalia

Founded in 2020, Opalia’s mission is to develop real milk and milk ingredients, from cells instead of cows, to produce more sustainable, ethical, and nutritious dairy products. By taking the animal out of the process of making dairy, Opalia completely eliminates methane emissions, which makes them the perfect partner to achieve carbon reduction targets. As a B2B supplier, Opalia is aiming to establish product development partnerships with interested customers to create highly functional and sustainable dairy products.

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