(Winnipeg, Manitoba –Sept. 8, 2010) – Manitoba Harvest Hemp Foods & Oils, a global leader in hemp foods, today announced that it has secured an additional working capital investment from Avrio Ventures. One of the fastest growing private companies in Canada, Manitoba Harvest will use the funds to maintain a sharp focus on expanding the sales of award-winning protein powders, seeds, hemp beverages, oils and butters, while intensifying marketing efforts.
“The investment capital and the strategic alignment between Manitoba Harvest and Avrio Ventures will ensure the rapid growth of Manitoba Harvest continues,” stated Mike Fata, Chief Executive Officer and Co-founder of Manitoba Harvest. “We are extremely pleased that Avrio Ventures shares our confidence in hemp foods’ growth potential,” adds Fata.
During the past five years, Manitoba Harvest’s sales have grown more than 500%. In addition, the company has been on Canada’s Profit 100 list of the fastest growing businesses for four of the past five years.
“Manitoba Harvest has a proven track record of growth and market innovation in hemp foods,” says Jim Taylor, Managing Partner of Avrio Ventures. “Hemp foods and supplements are among the fastest growing categories in the natural products industry, and with additional funds, Manitoba Harvest is well positioned to solidify its position as the global hemp foods leader and take advantage of new market opportunities,” adds Taylor.
In April 2009, Manitoba Harvest closed a Series A round of financing with Avrio, which the brand used to fuel successful expansion in new and existing distribution channels and invest in new product research and development.
Manitoba Harvest Hemp Foods & Oils
Founded in 1998, Manitoba Harvest Hemp Foods & Oils is the world’s largest vertically-integrated, farmer owned hemp food manufacturer. Manitoba Harvest is proud to offer award-winning products like Hemp Pro 70® (hemp protein concentrate), Hemp Bliss® Organic Hemp Beverage, shelled hemp seed, and hemp oil. In addition to their own popular brand of hemp foods, Manitoba Harvest supplies many other leading consumer brands with functional hemp food ingredients. www.manitobaharvest.com.
Avrio Ventures is a venture capital firm that supports the development of Canadian commercialization and growth stage industrial bio-products, nutraceutical ingredients and food technology companies into world-class organizations. www.avrioventures.com