Gathered Foods, creators of the plant-based seafood brand Good Catch, have received over $32 million in net proceeds in an oversubscribed Series B financing round for its start-up.
The faux fish brand attracted several investors including two mega key players in the food industry; Greenleaf Foods SPC, and 301 Inc, a venture capital firm owned by General Mills.
The money made from the investment will be used to expand Good Catch’s distribution channels from the US to other parts of North America, as well as expand overseas to Europe and Asia. The start-up will also use the funds for a new manufacturing facility as well as new product and food distribution channels for this year.
“Consumer demand of trailblazing plant-based alternatives is nearly insatiable, and this trend is led by taste and availability. This next phase for Good Catch is laser-focused on meeting consumer desires with culinary applications across all channels,” said Chris Kerr, CEO and co-founder of Gathered Foods. “This round of investment emphasizes the food industry’s recognition of our strategy, our reception by consumers, and anticipation for more innovation to come.”
Initially launched last year, the plant-based seafood line was created by two brothers and award-winning chefs, who managed to create a tuna alternative out of a six-legume blend of peas, chickpea, lentils, soy, fava beans and navy beans. Seaweed is also used in its list of ingredients to create an umami flavor along with algae extracts for a seafood aftertaste.
The US plant-based food market is estimated to be valued at $4.5 billion and has grew five times faster than the total US food sales over the past year.
Although plant-based meat has been the center of the alternative protein movement, plant-based seafood is fostering a whole new revenue stream for the rapidly increasing market which is likely why it has attracted substantial investment from key players like Greenleaf Foods and General Mills.
“Good Catch is pioneering a new, promising sector of the fast-growing plant-based protein category and we’re thrilled to support their continued growth and progress as they deliver consumers great-tasting plant-based seafood products that support their brand mission—and ours, as well,” said Dan Curtin, president and CEO of Greenleaf Foods, SPC.
Greenleaf Foods is fit for investment, seeing as the company is a leader in the plant-based food space thanks to its brands Lightlife and Field Roast Grain and Co, two leading vegetarian and vegan meat substitute brands.
In addition to debuting a vegan-friendly alternative to seafood, Good Catch also claims its product is ‘seafood without sacrifice’ providing a potential solution to the overfishing epidemic.
According to the United Nations, nearly 90 percent of the world’s marine fish stock is exploited, overexploited or depleted and the company hopes its plant-based fish line can be used as a more sustainable way to enjoy seafood cuisine.
“When we met the Good Catch team, we were immediately captivated with their mission to develop more sustainable plant-based seafood products that taste as delicious as traditional seafood,” said John Haugen, managing director of 301 INC.
Good Catch plans to make its foreign debut with the launch of its plant-based seafood products in the UK over the next couple of weeks, but in the meantime, it can be found at over 4,500 retail outlets across the US.