After layoffs, funding freezes and doubts about survival, the Montreal startup was acquired by Tricentris.
Ten months ago, Michelle Wong thought her eco-friendly packaging startup would fold. Fundraising efforts for Bo (sometimes called Bopac) appears to have stagnated as Investissement Québec. stopped Impulsion PME (IPME) program designed to support young start-ups.
“I didn’t know stress could be so physical,” Wong told BetaKit at the time.
“It kind of validates our business model as something that is not only viable, but also [one that others] see the future in replication.”
That stress turned to excitement this week when Wong told BetaKit that Bo had been acquired by Quebec's largest recycling co-op, Tricentris. Wong did not disclose the purchase price, saying only that Tricentris met its asking price in the “seven-figure” range. The deal does come with a non-cash bonus: Wong said she will no longer have to face “pitying looks” and questions about her startup's financial health at networking events.
“It kind of validates our business model as something that is not only viable, but also [one that others] see the future in replication,” Wong said.
Launched in 2021, Montreal-based Bo offers foodservice operators a turnkey platform of reusable containers that customers can use instead of single-use alternatives. Customers can ask participating restaurants to prepare their order in a Bo Container and then return the used container to a designated pickup location to be cleaned and reused elsewhere.
CONNECTED: Early-stage startups face fallout from suspension of Quebec-funded investment program
Beau was one of many early-stage Quebec startups impacted by the IPME's quiet suspension in November 2024. The program helped de-risk initial investments, and its sudden pause left many in the lurch even before it was launched. updated in Quebec's spring 2025 budget. When IPME initially folded, Bo pursued a plan to achieve profitability along with debt obligations: although the company doubled revenue compared to last year, it laid off three-quarters of its staff. Wong received $75,000. SAFES to take it into the new year as all options, including acquisition, were on the table.
Wong told BetaKit that Bo managed to achieve profitability this year despite “all the distractions associated with fundraising and potential acquisitions.” She said this was achieved by moving away from non-scalable models and reducing caution around appropriate charging.
“In the beginning, you do a lot of things that don't scale that cost a lot of money, and if you continue down this path, customers will start to expect those things to be free,” Wong said. “We just need to remind ourselves that we are setting the industry standard.”
Bo is one of the few Canadian companies tackling the problem of single-use food waste with a turnkey solution. In April, based in Vancouver Reusable Products raised a $3.6 million seed round to expand a similar offering across North America. Meanwhile, in Guelph, Ontario, Friendlier raised $4.5 million for her solution last month. While Bo has faced challenges in the past year, Wong said it is “easy” to join the Tricentris pipeline and use its existing infrastructure.
“We talked to these venture capitalists, but even at that point I suspected that this was not the best option for further growth,” Wong said. “Otherwise we’ll just be constantly chasing the next round.”
Bo will become a division of Tricentris. Wong and his executive team will join the cooperative, which will open access to the reusable container platform to Tricentris' 190 member municipalities. Wong has been named chief business development officer for Tricentris, while chief technology officer Noboru Yoshida and chief operating officer Sean Bazinet will serve in the same roles at Tricentris. Wong did not specify how many of Bo's employees would join the new unit.
“Even in the best of times, [this] would be an ideal outcome,” Wong said. “We are not focused on the pilot and survival. [anymore]we can make better decisions and not just always compromise because we don’t have enough money.”
Image courtesy of Bopaq.
