Food technology business Aqua Cultured Foods revealed that it has raised USD5.5m in seed funding.
Along with current investors Supply Change Capital, Big Idea Ventures, HPA, Aera VC, Kingfisher Family Investments, and Swiss Pampa, the round was led by Stray Dog Capital, a venture capital firm that specializes in investments in alternative proteins. Other participants included H Venture Partners, Aztec Capital Management, and Amplifica Capital. A strategic investment from CJ CheilJedang, a South Korean-based global food and bio firm that owns well-known brands including Bibigo, was also made in the round.
Aqua plans to utilize the investment to outfit its new facility, scale up production, advertise products, hire key personnel, and increase the number of restaurants and foodservice locations where its products will be offered this year.
“We appreciate having mission-aligned partners that offer strong strategic value for the next phase of our growth, which will involve building up the business and brand,” said Anne Palermo, CEO of Aqua. “Being good stewards of investor capital is important to us, so along with hitting milestones earlier than expected, we are benefiting from government programs, academic resources, and other advantages to get to market quickly.”
Find out more at: https://www.aquaculturedfoods.com/