A new chapter in Italian cuisine: PORTA™ raises US$10.5M

 A new chapter in Italian cuisine: PORTA™ raises US$10.5M

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PORTA™, a Toronto-based company that makes ready-to-cook frozen Italian cuisine and meals, has secured US$10.5 million in Series A funding. The round was led by Gruppo Terroni, a leading Italian restaurant group, with participation from Brand Project and the Toskan Family Trust Inc. (TTFT Inc.).

The funding will be used to accelerate Porta’s growth, including expanding its retail presence, growing its direct-to-consumer business, and investing in product innovation.

PORTA™, a venture that was born in 2021, is the brainchild of the Canada-based Italian restaurant brand Terroni. It offers authentic, ready-to-cook frozen Italian meals that are ready in 15 minutes or less. The company claims to use only the finest Italian and locally-sourced ingredients, traditional recipes and a very simple cooking process that requires no prep and minimal clean-up.

Our mission is to make every cook feel like a chef and we do that by making it easier to access, order and cook the best that Italy has to offer right in your home.”

Cosimo Mammoliti, CEO of Gruppo Terroni.

Also read: Canadian foodtech startups secure US$500K in latest funding

A unique Italian cuisine offering in the Canadian market

PORTA™ carves a distinct niche in the Canadian home meal market with its unique offerings. The menu, initially featuring eight pizzas, eight pastas, and four desserts, now boasts over 30 items. This array includes rotating seasonal dishes, premium risottos, and four hand-rolled breakfast pastries. Moreover, PORTA™ actively plans more culinary innovations.

As an investor, we’ve been impressed by the rich history and passion for product quality that the Terroni team has, and by the strong team they have brought together. We look forward to supporting PORTA in its continued growth.”

Brett Toskan, President of TTFT

In 2022, the company established a dedicated production facility in Toronto to meet its increasing demand. Till date, PORTA™ has delivered more than 700,000 meals to Ontario homes. Additionally, the company’s products are currently available in over 100 specialty and premium grocery stores across Canada; including Sobeys, Metro, and 30+ Longo’s locations.

Canadian frozen food market set to grow despite slowdown

The Canadian Prepared Meals market, encompassing ready meals, pizzas, and meal kits, generated US$4,289.4 million in 2021, marking a 4% CAGR from 2016. Despite a forecasted slowdown, the market is projected to reach US$5,078.7 million by 2026, driven by a 3.4% CAGR.

It is worth noting, Canada is a major player in the international trade of frozen food. In 2020, Canada exported close to 1.03 million metric tons of frozen potatoes to other countries around the world. When it comes to the domestic market, quarterly retail sales of frozen food in Canada have steadily increased over the past few years, with sales peaking at 2.76 billion Canadian dollars in the fourth quarter of 2020.


Also read: Foodtech startup Syzl wins first prize at Collision PITCH

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