Good Protein secures C$128M for plant-based shake expansion
Montreal's Good Protein raised C$128 million, the largest alternative protein funding round this year, to expand its dairy-free shake line beyond Canada's 4,500 stores.
Good Protein has secured C$128 million in funding, the largest sum raised by an alternative protein company this year. The investment round was led by growth equity firm SEMCAP Food & Nutrition, with strategic participation from Del Monte Corporation and a consortium of Canadian investors including Farm Credit Canada, Roynat Equity Partners, and Fondaction.
This capital infusion surpasses the previous benchmark set in June by Solar Foods's €77.8 million financing. Founder and CEO Edward Lalonde and the existing management team will continue to run the Montreal-based company and retain majority ownership.
Product portfolio and reach
Good Protein produces a range of dairy-free, clean-label protein shakes and drinks, free from soy and gluten. Its flagship All-in-One Shake delivers 21 grams of complete protein from yellow peas and milled golden flaxseed, alongside 7 grams of fibre, over 20 vitamins and minerals, a blend of 19 fruits, vegetables and mushrooms, probiotics, and digestive enzymes. The brand offers 15 flavours in powdered form.
The company also sells higher-protein shakes with 32 grams of pea protein per scoop in flavours like peanut butter and jelly, ready-to-drink protein milkshakes containing 21 grams of protein per 355ml bottle, and clear protein drink mixes. Each 14.5g sachet of the clear mix offers 10 grams of protein and electrolytes in varieties such as watermelon candy and peach rings. The product line extends to a plant-based collagen booster, a dairy-free adaptogenic turmeric latte, and superfood juice powders.
These products are stocked in more than 4,500 stores across Canada, including major retailers like Costco, Walmart, Whole Foods, and Sobeys. Good Protein has sold over 100 million shakes and also operates a direct-to-consumer e-commerce channel. The company markets in fitness settings, recently running a three-day takeover of the UNITY Fitness studio in Toronto.
Market context and consumer shift
The record investment arrives as consumer demand accelerates. In Canada, 24% of people are actively trying to eat more plant-based products, with another 30% interested in following suit. Across North America, 57% of US consumers are prioritising protein intake this year, and two-thirds are buying more high-protein foods than a year ago.
The rise of GLP-1 weight-loss drugs is also influencing habits; users of these medications, whose numbers doubled last year, are now eating 40% more protein and 30% more fibre. This aligns with a broader dietary shift where the share of self-identified omnivores has declined while flexitarians have doubled. Kate Storey, Partner at SEMCAP Food & Nutrition, highlighted the consumer shift of protein shakes from niche fitness supplements into everyday grocery carts.
Future plans
The newly secured capital will fund deeper penetration of the Canadian market, new product development, and future geographic expansion. Edward Lalonde said, "We’re incredibly proud of the momentum Good Protein has built in Canada and the trust we’ve earned from our customers." John Haugen, Managing Partner of SEMCAP Food & Nutrition, commented on the brand's strong position with health-minded consumers. The release did not specify target markets outside Canada, but the funding sets the stage for the brand's plant-based shakes to move from a mainstream Canadian staple to a broader international presence.
