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”.
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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.”
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