New Wave Foods, a start-up that aims to disrupt the USD9bn shrimp market with the introduction of a plant-based shrimp made of sustainable seaweed and plant proteins, announced it has recently completed an USD18m Series A round of financing. Leading the investment round was New Enterprise Associates along with Evolution VC Partners, as well as other new and existing investors, according to a press release.
The Series A financing enables New Wave Foods to scale up production, aggressively expand its sales and marketing efforts, accelerate the company’s plans for future products, and further build its strong team. New Wave Foods will initially focus on selling its product to restaurants and foodservice locations.
“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,” Liza Landsman, general partner at NEA, who will be joining the New Wave Foods Board of Directors said. “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.”
Americans eat an estimated 1.5 billion pounds of shrimp annually, making shrimp the most consumed seafood in the US, with consumption intake equal to twice as much as salmon or tuna. Notably, 80% of shrimp is consumed in foodservice.