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January 15, 2020

Good Catch owner Gathered Foods attracts major investors

Gathered Foods, the US company behind the plant-based seafood brand Good Catch, has announced investment from two major food manufacturers in North America.

By Dean Best

Gathered Foods, the US company behind the plant-based seafood brand Good Catch, has announced investment from two major food manufacturers in North America.

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The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
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General Mills, through in-house investment arm 301 Inc., and Maple Leaf Foods, via plant-based protein division Greenleaf Foods, have taken part in the latest fundraising in Gathered Foods, which markets seafood-alternative products made from legumes including chickpeas, lentils and fava beans.

The Series B round saw Gathered Foods attract more than US$32m, with existing investors, US-based funds Stray Dog Capital and Rocana Ventures, leading the backing. Other investors in the round included CPT Capital, the investment arm of the family office of UK businessman Jeremy Coller, and US fund New Crop Capital, which has also backed BlueNalu, a San Diego-based firm focused on cell-based seafood.

Gathered Foods said the latest investment would for “significant expansion in distribution” across North America, Europe and into Asia. It is also opening a manufacturing facility, as well as looking to launch more products 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,” Gathered Foods CEO and co-founder Chris Kerr said.

In 2015, General Mills turned its then innovation department 301 Inc. into an investment arm. Since then, through 301 Inc., the Cheerios maker has invested in a range of businesses including US plant-based food firm Urban Remedy in 2018 and, a year earlier, Beyond Meat.

John Haugen, the managing director of 301 Inc., said: “Good Catch stands out as a strong, expandable brand with passionate leadership, and we’re excited to partner to grow.”

Maple Leaf, one of the world’s largest pork processors, set up Greenleaf Foods in 2018 to head two plant-based food businesses it had acquired in the US – Lightlife Foods and Field Roast Grain Meat Co.

“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,” Greenleaf Foods president and CEO Dan Curtin said.

September 2018: “We want to create disruption” – Good Catch co-founder Chad Sarno on the rise of plant-based seafood, the bitesize interview

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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