CANADA – Province Brands of Canada, a beverage technology company that has developed a first-of-its kind beer fermentation process has raised CAD$2.2 million (US$1.6m) as the firm prepares to bring its revolutionary products to the market.
Province Brands has pioneered a patent-pending process for brewing beverages from plant materials that the company says could never before be fermented, including the first beverages brewed from cannabis.
With this technology, Province Brands says that for the first time ever, beer can be brewed from non-starch plant material – basically any kind of wood, shrub or grass, including plant waste and most types of food waste.
The Canadian startup claims that the breakthrough tech creates a better class of beer. “Beers made with our technology are lower calorie, lower carb, and gluten free. They contain beneficial compounds, including powerful prebiotics, not found in any other beverage.”
In addition, the company noted that brewers can experiment with new flavours, make beers from locally sourced materials, save up to 20% on their brewing costs, and even make a second batch of beer from their spent grains – all the while, reducing their carbon emissions & waste disposal costs.
Markedly, beverage companies can use the technology to make authentic non-alcoholic fermented beverages brewed directly from the industry’s primary waste stream (stalks, stems & roots).
“Functional beverage companies can make great tasting gluten-free fermented beverages with beneficial compounds not found elsewhere. This is a proven technology that can be put into practice at minimal expense. And it’s going to change the brewing industry forever,” Province Brands says.
Province Brands’ Co-Founder, Jennifer Thomas said that the investment will help the company to complete Phase 1 construction of a 123,000-square-foot brewing facility as well as enable the firm to receive additional licensing from Health Canada.
Province Brands received its R&D license from Health Canada in late 2019.
With this funding, the company also announced that it is preparing to scale up operations to launch Cambridge Bay Canadian Hemp Lager, the world’s first beer brewed from hemp in place of barley or grains.
Cambridge Bay Canadian Hemp Lager contains just four ingredients: hemp, hops, water, and yeast. It contains no CBD, THC, or phytocannabinoids and can legally be sold wherever alcohol is sold, the company adds.
The funding round, which closed at a time when capital markets have been challenging, was led by a San Francisco Bay Area -based private investor and is Province Brands’ fifth successful funding round completed since its inception in 2016.
“Closing this round quickly highlights the attractiveness of Province Brands’ technology, IP, and market opportunities,” said Dooma Wendschuh, Co-Founder of Province Brands.
Province Brands’ last funding was its Series B in 2019 when the Company raised CAD$5 million (US$3.56m) at a CAD$70 million (US$50m) pre-money valuation. The company has now raised more than CAD$23 million (US$16.36m)