Hempalta, a Calgary-based agricultural technology company focused on innovative hemp processing and product creation, has completed an equity crowdfunding round on the FrontFundr platform.
The startup, which launched earlier this year, raised over $1 million from the crowdfunding and with additional support from existing shareholders. The financing will be used to fund strategic technology acquisitions, support sales and marketing activity, and for working capital.
HEMPALTA was created to be at the forefront of the next evolution in agriculture by utilizing advanced technology to produce hemp-based products for a healthier and sustainable planet. Hemp is considered one of the world’s most sustainable crops as it is renewable, reusable and recyclable.
“Our FrontFundr crowdfunding campaign has been an opportunity to consolidate funding support from key shareholders like Prairie Merchant and Fullbrook Thorpe as well as welcome a number of retail investors who support HEMPALTA’s mission to better the planet. We’re pleased to add investors who are looking to fund sustainable and planet-friendly AgTech practices,” said Darren Bondar, CEO of HEMPALTA.
Calgary’s Prairie Merchant Corporation, UK-based Fullbrook Thorpe Investments along with Farm Credit Canada were initial seed investors for HEMPALTA earlier this year.
The company has made significant improvements to its product lines, production scalability, and distribution channels which now include Canadian retailers such as Sobeys, Safeway Canada and Calgary Co-op as well as online sites such as Amazon, Lowe’s and Loblaws.
HEMPALTA plans to use some of the crowdfunding financing to install an automated packaging solution to scale up its product packaging and delivery capabilities, with installation expected by the end of this year.
“We’re focusing our attention on enhancing our processing capabilities, growing our product lines both for consumer and commercial use, and adding retail partners to increase market penetration,” said Bondar.