Halifax-based Sperri, which makes plant-based meal replacements, has closed a fresh round of funding worth “millions” of dollars led by Nàdarra Ventures and supported by Invest Nova Scotia.

Sperri said it would use the money to support its expansion into the United States and drive new product innovation. The U.S. expansion has already begun as the product is now available on Amazon.com.

Nàdarra Ventures is the early-stage venture capital fund created by Charlottetown-based Natural Products Canada to invest in companies that use natural products. It is headed by Managing Partner Malcolm Fraser, the former CEO of Innovacorp, which was merged into Invest Nova Scotia two years ago.

The company statement said the round was worth “millions” and a source later narrowed it down to say the size was more than $4 million. Sperri – whose corporate name is Novagevity – last announced a funding round in September 2022, when it closed a seed round worth $2.5 million.

“This investment represents our focus on sustainable, natural product innovations that create industry leading returns, while generating measurable impacts on the health of our population and planet,” said Fraser in a statement. “We believe the combination of Novagevity’s experienced team with a track record of success; and recent policy changes designed to leverage nutrition to address major health issues in our population create a strategic market opportunity for the company’s continued success.”

Born out of the Sobey School of Business at Saint Mary’s University in Halifax, Sperri makes a brand of health drinks, which are available in supermarket chains across Canada and is used by such health authorities as Nova Scotia Health. It is Canada’s first organic and allergen-free plant-based meal replacement beverage and was founded on the principles of medical nutrition therapy, which uses specific nutrition plans to treat chronic conditions.

The company was co-founded by CEO Gregg Curwin and Dr. Mary Lynch, physician and pain management specialist. A serial entrepreneur, Curwin was the founder of indoor farming company Trueleaf Sustainable Agriculture, which has been taken over by McCain Foods and now does business as Good Leaf Farms. Curwin teamed up with Lynch in 2019 to found Novagevity. Lynch is an expert in pain management who had previously co-founded Panag Pharma, which exited for about $27 million in 2018.

In the statement, Lynch said many of her patients required meal replacements to access proper nutrition, but struggled to tolerate existing options due to high levels of processed sugars, dairy, gluten and soy protein.

“Our products are grounded in scientific research leading to effective medical nutrition, and the ethos of Sperri is to inspire change within our conventional healthcare systems,” said Curwin. “We are rooted in the belief that food is medicine, and that not only Nova Scotians, but everyone throughout North America, needs that more than ever. Sperri products are designed to be accessible, affordable, and effective, ultimately becoming a major benefit to Primary Care treatment, in a time of critical need to relieve pressure from our healthcare system.”

As well as joining the latest funding round, Invest Nova Scotia, the province’s business development agency, provides the company with export services and facilities like The Labs at Invest Nova Scotia, the life sciences hub where Novagevity operates.

“Novagevity’s plant-based, ready-to-drink meal replacement is designed by health experts to promote recovery and well-being using natural ingredients and is free from all major allergens,” said Jennifer Fuccillo, Investment Principal at Invest Nova Scotia. “Food innovation is key to public health, and Novagevity is leading the way.”