London’s vegan fast food chain raises capital, grows into U.S. market

London-made vegan burgers may soon hit the grill under the Florida sun and in Washington state, too, as the Odd Burger fast-food chain expands into the U.S.

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Odd Burger, born in London but now selling across Canada, recently issued 1.7 million more shares of the company to raise $430,000, said co-founder and chief executive James McInnes.

That move pushes the market value of Odd Burger to $28 million. And with 40 franchises sold in Florida and another 20 in Washington State, the value likely will rise, he said.

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“We’re at a critical growth stage now. I think we’ll have a great year,” McInnes said.

Odd Burger has about 20 locations across Canada, from Victoria to Ottawa, including two in London with one at Commissioners and Wellington roads and another on the Western University campus.

Vasiliki and James McInnes, left, co-founders of Odd Burger, Matthew Davison, dean of science at Western University, Colin Porter, director of hospitality services at Western, and Odd Burger director of operations Katie McInnes cut the ribbon on the franchise that opened on campus on Monday, Jan. 22, 2024.

It also sells prepared food items into more than 20 stores, mostly small, independent health food retailers, including Sobey’s and Quarter Master Natural Foods in London.

“We’re by far the largest publicly traded vegan fast-food chain. I don’t think there’s another one,” McInnes said. “But even if you look at vegan restaurants, we’re in the Top 10.”

But the U.S. expansion looms and McInnes expects some Odd Burgers outlets will open there within about six months.

“It’s been a whirlwind but we managed to get funding, which is super exciting. We’re going through some huge growth. We will open a lot of restaurants,” said McInnes. “We’re able to push forward and add new locations.”

All Odd Burger’s food is manufactured in London on Consortium Court and shipped across the country, and soon into the U.S.

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Odd Burger founder James McInnes — James McInnes, co-founder of Odd Burger, displays some of the company’s vegan food offerings at its production facility on Consortium Court in London on May 2, 2024. (Derek Ruttan/The London Free Press)

The recent share issue increases the investor pool, he said.

“It shows, fundamentally, that investors believe in us and it also gives the company capital so we can grow,” he said.

Late last month, Odd Burger offered 1.7 million shares at $0.25 a share to raise the $430,000.

Odd Burger opened in London under its original name, Globally Local, in 2016.

The company opened a restaurant in Toronto in 2019 and another in Windsor in 2020 before pursuing aggressive growth and expansion. It rebranded in 2021 as Odd Burger, the same year it went public, selling shares on the TSX.

ndebono@postmedia.com

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