New Wave Foods, a fledgling US firm offering plant-based seafood, is gearing up for its launch onto the market after completing a round of funding.
The Connecticut-based business, set up in 2015, said it would launch its first product into the US foodservice channel “in the back half of this year”.
New Wave Foods has been developing a plant-based alternative to shrimp, with seaweed the central ingredient.
The company has raised US$18m in a Series A funding round, with backing from investors including US venture-capital firms New Enterprise Associates and Evolution VC Partners. US meat giant Tyson Foods invested in the business in 2019.
“Our focus is on offering customers 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,” CEO Mary McGovern said.
Asked by just-food if the company has plans at some stage to try to launch its products in the retail market, the firm said: “We are working with restaurant and foodservice as 80% of shrimp consumption happens in these locations. At this time, we are focused on restaurants and foodservice. We are not targeting retail.”