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CULT Food Science Secures Funds to Expand Noochies! Line of Cultured Yeast Pet Food

By Pet Age Staff//May 7, 2024//

CULT Food Science Secures Funds to Expand Noochies! Line of Cultured Yeast Pet Food

By: Pet Age Staff//May 7, 2024//

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CULT Food Science Corp. a disruptive food technology platform pioneering the commercialization of lab grown meat and cellular agriculture to reshape the global food industry, recently announced that the company has raised CAD$800,000 to expand the portfolio of Noochies! and solidify its position as a fast-growing, sustainable pet food brand.

According to the announcement, CULT Food Science completed a private placement by selling 16 million units for CAD$0.05 per unit. Each unit consists of one common share and one common share purchase warrant. The warrant allows the holder to purchase additional shares at a specified price within two years. PowerOne Capital Markets Limited acted as a finder in the private placement transaction and received $36,750 in cash finder’s fees and 735,000 finder’s units (Finder Warrants) as compensation. Each Finder Warrant can be exercised into one unit for $0.05 within two years from closing.

With the recent closing of its strategic financing, the company is now positioned to accelerate sales growth, brand enhancement and IP licensing strategies for the world’s first freeze-dried, high-protein, nutrient-rich pet treats made without factory farming.

“CULT is uniquely positioned to play a key part in the transformation of our food system. The funds raised in this private placement will allow us to further scale our portfolio company, Noochies, and establish it as a fast-growing, sustainable pet food brand,” said Mitchell Scott, CEO of CULT Food Science. “We will also be cultivating new partnerships in the cellular agriculture space.”

CULT Food Science owns 90 percent of Further Foods, the company behind the cruelty-free and environmentally friendly pet food brand Noochies!, which uses a unique culture protein ingredient called Bmmune instead of factory-farmed chicken or beef. The treats’ key ingredient, Bmmune, is a freeze-dried yeast protein developed by CULT Food Science, claimed to be a world first. It has been designed to be an ultra-premium ingredient with high protein to fulfill pets’ daily requirements.

According to CULT Food Science, independent testing has verified that Bmmune surpasses industry standards for protein and amino acids, offering a viable or superior alternative to traditional premium animal ingredients. The cultured yeast ingredient also offers fiber and immune-boosting B vitamins and is said to be gut-friendly.

Noochies! has two other proprietary ingredients, Bflora and Bmeaty. Bflora is a proprietary probiotic, specifically designed to help maintain a healthy digestive tract. Bmeaty is a proprietary meat-like ingredient that mimics the savory taste of meats but leverages yeast to deliver protein and fiber without any cruelty or factory farming.

Noochies! is poised for growth, with plans to extend its reach through direct-to-consumer channels, net new retail partnerships and accretive influencer campaigns to capture market share of the $85 billion North American pet food marketplace. Further, pursuing private label opportunities, in which Further Foods will leverage Noochies! patented and proprietary freeze-drying process for other brands. The company also will seek opportunities outside of North America with pet food companies eager to find more ethical and sustainable inputs and ingredients.

CULT Food Science CEO Scott expressed enthusiasm about the developments:

With full funding now secured, we are geared to scale Noochies! marketing initiatives and enhance its market presence, he said. Our ownership of Further Foods and strategic use of its unique products not only strengthen our market position but also amplify our overall impact in the food technology space. This is an exciting time for CULT as we drive forward to transform the pet nutrition landscape with sustainable and innovative solutions.