Plant-based seafood manufacturer gets $32m investment16 Jan 2020
Gathered Foods, makers of Good Catch plant-based seafood products, has announced the closing of an oversubscribed Series B funding round, which includes two key strategic industry investors: Greenleaf Foods and 301 INC, the venture arm of General Mills.
Led by Stray Dog Capital and Rocana Ventures and including several prominent impact investors such as Almanac Investments, CPT Capital and New Crop Capital, the net proceeds from the investment, totaling over $32 million, will be used for significant expansion in distribution across North America, Europe and into Asia, the opening of its state-of-the-art manufacturing facility, and new product and food service channel launches in early 2020.
Valued at $4.5 billion, the U.S. plant-based foods retail market grew five times faster than the total U.S. retail food sales over the past year.
"Consumer demand for 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," said Chris Kerr, CEO and Co-Founder of Gathered Foods. "This round of investment emphasizes the food industry's recognition of our strategy, our reception by consumers, and anticipation for more innovation to come."
"When we met the Good Catch team, we were immediately captivated with their mission to develop more sustainable plant-based seafood products that taste as delicious as traditional seafood," said John Haugen, Managing Director of 301 INC. "Good Catch stands out as a strong, expandable brand with passionate leadership, and we're excited to partner to grow."
The company has developed a proprietary six-legume blend (peas, chickpeas, lentils, soy, fava beans and navy beans), utilized as the base of inaugural Good Catch products, while the added umami flavour from seaweed and algae extracts is said to create a real seafood flavour. All Good Catch products are free of dairy, GMOs, mercury, toxins, microplastics, microfibers and are safe for those with shellfish allergies. The company claims that these products exhibit the same texture, flavour, and nutritional value as conventional seafood, without harming the environment.
"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," said Dan Curtin, President and CEO of Greenleaf Foods, SPC.
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