New Wave Foods completes $18m Series A financing to focus on plant based Shrimp and sustainable shellfish

New Wave Foods completes $18m Series A financing to focus on plant based Shrimp and sustainable shellfish

Published: 08-01-2021 09:25:00 | By: Pie Kamau | hits: 5434 | Tags:

New Wave Foods announced the completion of $18 million Series A round of financing, led by New Enterprise Associates (NEA) along with Evolution VC Partners, as well as other new and existing investors. Tyson Ventures, the venture capital arm of Tyson Foods, Inc., invested in the Company in September 2019Liza Landsman, General Partner at NEA, will join the New Wave Foods Board of Directors.

New Wave Foods is disrupting the $9 billion dollar shrimp market with the introduction of a plant-based shrimp made of sustainable seaweed and plant proteins. The Company will initially focus on selling its product to restaurants and foodservice locations. The Company looks to expand its plant-based shellfish offering to lobster, scallops, and crab following the rollout of its plant-based shrimp product. The Series A financing enables New Wave Foods to scale up production, aggressively expand its sales and marketing efforts, accelerate the Company's plans for future products, and further build its strong team. 

Liza Landsman, General Partner, NEA: "Plant-based protein is one of the most important consumer trends in decades, with explosive demand for healthy, sustainable products, and New Wave Foods is delivering a plant-based seafood alternative that is delicious, responsible, and humane. It's an uncompromising, category-defining approach to a fast-growing market, and we are thrilled to partner with the New Wave Foods team on what promises to be a remarkable journey."

Americans eat an estimated 1.5 billion pounds of shrimp annually, making shrimp the most consumed seafood in the U.S., with consumption intake equal to twice as much as salmon or tuna. Notably, 80 percent of shrimp is consumed in foodservice. New Wave Foods' proprietary product is a result of years of close collaboration between top-tier chefs and renowned R&D experts. The result is a plant-based shrimp that is virtually indistinguishable from ocean shrimp in terms of taste and texture.

Mary McGovern, CEO, New Wave Foods: "Our focus is on offering customers a new, innovative, plant-based shellfish, beginning with the introduction of our plant-based shrimp. Along with a delicious tasting product, we aim to address the environmental issues that come with shrimp farming and overfishing. We look forward to an exciting next chapter of growth for the Company and are honored to have an outstanding group of investors who share and support our vision."

Michelle Wolf, Co-founder and CTO, New Wave Foods: "We're launching a versatile plant-based shrimp that can be used in a wide range of shrimp dishes. We have developed a product that is delicious and easy to prepare; these are key factors for foodservice operators."  

Gregg Smith, Founder and CEO, Evolution VC Partners: "Consumers have rapidly embraced and adopted plant-based foods, and New Wave Foods represents a compelling opportunity in the protein alternatives space. As a long-term investor in plant-based companies, I am extremely confident that New Wave Foods is poised to lead the shellfish category with its proprietary product."