Funding profile · Industrial biotechnology

Future Fields

An Edmonton protein manufacturer that has announced about $21.9 million USD across four raises, nearly a quarter of it federal grant money. No Form D exists, because the issuer is Canadian. The published totals disagree, and the reason is currency.

$21.9MSum of announced raises, 2020 to 2025, in USD
$5.0MSustainable Development Technology Canada, Feb 2023
$8.0MSeries A, closed June 17, 2025, oversubscribed
$0SEC Form D filings on EDGAR

Data as of September 23, 2026. Company-reported figures are labeled. Amounts are USD unless noted.

Rounds at a glance

When Round Amount Investors Source
By Aug 2020 Pre-seed $480,000 Undisclosed angels; GROW Agrifood Tech Accelerator, Singapore TechCrunch
Feb 2021 Seed $2.2M Bee Partners (lead), Pioneer Fund, Narrative Fund, Y Combinator Independent
Feb 17, 2023 Federal grant $5.0M Sustainable Development Technology Canada, one of 17 cleantech recipients Independent
Feb 22, 2023 Seed extension, announced as $11.2M including the grant above $11.2M Bee Partners (increased), Toyota Ventures, Builders VC, AgFunder, Amplify Capital, BoxOne, Green Circle Foodtech, Siddhi Capital, Climate Capital Release + press
Jun 17, 2025 Series A $8.0M Co-led by Amplify Capital, BDC Climate Tech Fund, R7 Partners; with Toyota Ventures, BoxOne, Builders VC, TRAC VC, U of A Innovation Fund Release + press

What the public record shows

Sustainable Development Technology Canada · grant · announced Feb 17, 2023

Amount
$5,000,000
Cohort
17 cleantech companies in one announcement
Disclosed by
Taproot Edmonton, Feb 23, 2023; SustainableBiz Canada
Relation to the round
Included inside the $11.2M the company announced five days later

SEC EDGAR · Form D · none on file

Filings found
None under Future Fields or any affiliated vehicle, searched Sep 23, 2026
Why
The issuer is Canadian. Rounds led by Canadian funds and closed outside Regulation D create no Form D obligation
Consequence
Every figure here comes from a release or a reporter. There is no sold versus offered number, no investor count and no named related persons to check

Board and governance · as stated on the company site

Directors
Kathryn Wortsman (Amplify Capital), Pascal Lanctot (BDC Climate Tech Fund), Trey Ward (R7 Partners)
Seated
All three joined at the June 2025 Series A, one per co-lead
Not listed
No founder seat is shown on the public board page, and no seat for Bee Partners, Toyota Ventures or Builders VC, all of whom invested earlier

Reading the filings

  1. The totals disagree because the currencies do.Bee Partners lists $20M. Canadian Business reported $15 million in 2023. The COO said over $18 million. The CEO said about $30 million in September 2025. The announced raises sum to $21.88M USD, which converts to roughly $30M CAD, and $11.2M USD converts to roughly $15M CAD. The figures reconcile once you notice which currency each speaker used.
  2. Almost a quarter of the headline round was a government grant.Of the $11.2M announced in February 2023, $5.0M came from Sustainable Development Technology Canada: 45 percent of that round and 23 percent of all money raised. The company release mentions government contracts in one clause without the amount; two Canadian outlets supplied it.
  3. The Series A is smaller than the round before it.$8.0M in 2025 against $11.2M in 2023, though only $6.2M of that 2023 figure was equity once the grant is stripped out. Priced as a Series A rather than another extension, and oversubscribed per the company.
  4. The cap table rotated toward climate capital.AgFunder, Green Circle Foodtech, Siddhi Capital and Climate Capital appear in 2023 and not in 2025. BDC Climate Tech Fund, R7 Partners, TRAC VC and the University of Alberta Innovation Fund are new, and Amplify Capital moved to co-lead. The food-tech investors stepped back and the decarbonization investors stepped in, tracking the pivot away from cultivated meat.
  5. Capital efficiency is the pitch, and the numbers support it.A commercial plant, 34 staff and 14 proteins in production on roughly $22M is low for a platform biotech, which the CEO attributes to Edmonton costs. He also said in June 2025 that the company expects to reach profitability on this financing, either a real signal or a claim the next round will test.
  6. There is no filing to audit any of it.Unlike a US issuer, Future Fields leaves no Form D trail. Offered versus sold, investor counts and first-sale dates are all unavailable.

Commercial signals

Signal Detail Source type
Plant Instar 1.0, 6,000 sq ft, downtown Edmonton, opened Dec 2024. Rated at about three kilograms of purified protein a year, forecast 12 to 18 months after opening. Company-stated
Customers A Fortune Global 500 client increasing consumption 200 percent quarter over quarter; at least one top 10 drugmaker on a preclinical protein. None named. Company-stated
Pipeline 30 client projects in development as of Nov 2024. 14 proteins across 30 strains as of Sep 2025. Company-stated
Partnership Protein Evolution, announced May 2025, as one of 12 founding members of its Partner Alliance Program. Partner-stated
Market The cultivated meat sector Future Fields was built to supply has contracted sharply. Believer Meats, Meatable, CellRev and SCiFi Foods have wound down since 2024. Independent
Competition Insect expression is now contested. ByBug raised $1.4M in 2024 on black soldier flies; FlyBlast, Entozyme and Proteinea work the same ground. Independent

What to watch

  • A Series B, and whether it is priced above the Series A. The company says it does not need one to reach profitability.
  • Any Canadian filing or further SDTC tranche that puts a number on record.
  • A named customer. Two anonymous marquee accounts have been referenced since 2024.
  • Whether Instar 1.0 reaches its three kilogram rating, which by the stated ramp falls due in 2026.
  • A granted patent. The platform has been described as patented since 2023 and none appears in the public databases.

The Future Fields story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Shiru: Shared investor: Company-Stated Partners. An AI company that mines natural proteins for food functions, then sells the ones that work
  • CB Therapeutics: Shared investor: Company-Stated Partners. A Carlsbad company that brews cannabinoids, psilocybin and other plant and fungal molecules in engineered yeast
  • Spero Foods: Shared investor: Siddhi Capital. A Bay Area startup that turned sunflower and pumpkin seeds into cream cheese and egg substitutes, reached more than 1,000 US stores, and was sold for cash to a
  • Perception Biosystems: Shared investor: Company-Stated Partners. A Y Combinator company that set out to build a robotic lab so a rare disease gene therapy could be made faster and far more cheaply

Sources

  1. Public recordSEC EDGAR Form D search, no filings foundSEC · Sep 23, 2026
  2. Public recordY Combinator company profile, batch Summer 2020, team size 34Y Combinator · Sep 23, 2026
  3. IndependentFruit-fly-powered biomanufacturing, with the $5M SDTC figureTaproot Edmonton · Feb 23, 2023
  4. IndependentFuture Fields uses fruit fly-based proteinsSustainableBiz Canada
  5. IndependentFuture Fields raises $8m Series A to expand fruit fly biomanufacturing platformAgFunderNews · Jun 18, 2025
  6. IndependentBrief: Future Fields raises $11.2m to scale up fruit fliesAgFunderNews · Feb 23, 2023
  7. IndependentCultured meat’s biggest problem, with the $480,000 pre-seedTechCrunch · Aug 2, 2020
  8. IndependentFuture Fields CEO on the messy reality of building a life sciences companyDigital Journal · Sep 2025
  9. IndependentByBug: black soldier flies for recombinant proteinAgFunderNews · Jul 8, 2024
  10. InvestorFuture Fields portfolio page, $20M funding to dateBee Partners · Sep 23, 2026
  11. CompanyFuture Fields Closes Oversubscribed $8M Series AFuture Fields · Jun 17, 2025
  12. CompanyFuture Fields Lands $11.2M USD to Turn Flies Into Cleantech BioreactorsFuture Fields · Feb 22, 2023

Compiled from SEC and other public records and published reports as of September 23, 2026. Future Fields is a Canadian issuer and has filed no Form D; amounts on this page come from company releases and independent reporting, not from securities filings. Healthcare Venture Capital Fund holds no position in Future Fields. This page is not an offer to sell or a recommendation to buy any security.