New Wave Foods raises fresh funds to expedite plant-based shrimp production

Plant-based shrimp maker New Wave Foods has secured $18m in Series A financing round to further expand its production and operation capabilities.

The funding round was led by New Enterprise Associates and Evolution VC Partners, as well as other new and existing investors.

New Wave Foods CEO Mary McGovern said: “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 honoured to have an outstanding group of investors who share and support our vision.”

Proceeds from the Series A funding round will be used the company to further scale up production capacity as well as expand its sales and marketing efforts.

It will also use the investment to fast-track its plans for future products and focus on building a strong team.

The company claims that its plant-based shrimp is produced using sustainable seaweed and plant proteins, and virtually indistinguishable from ocean shrimp in terms of taste and texture.

The company will initially be focusing on retailing its products to restaurants and foodservice locations.

With this investment, NEA’s general partner Liza Landsman will join the New Wave Foods board of directors.

Landsman said: “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.”

Going forward, New Wave Foods intends to expand its plant-based shellfish offering to lobster, scallops, and crab.