Plant-based shrimp producer New Wave Foods secures $18m in funding

New Wave Foods has raised $18 million in a Series A funding round to grow its plant-based seafood operation.

The US company has developed a plant-based shrimp alternative that it says is virtually indistinguishable from ocean shrimp in terms of taste and texture.

The company plans to initially focus on selling its product – which is made from sustainable seaweed and plant proteins – to restaurants and foodservice locations.

New Wave Foods’ latest financing push was backed by New Enterprise Associates (NEA), Evolution VC Partners, and other new and existing investors.

The new funds will enable the company to scale up production, expand its sales and marketing efforts, and continue to build its team.

“We’re launching a versatile plant-based shrimp that can be used in a wide range of shrimp dishes,” said Michelle Wolf, co-founder and CTO of New Wave Foods.

“We have developed a product that is delicious and easy to prepare; these are key factors for foodservice operators.” 

New Wave Foods CEO, Mary McGovern, added: “Along with a delicious-tasting product, we aim to address the environmental issues that come with shrimp farming and overfishing.”

With the additional capital, New Wave Foods will also be able to accelerate its plans for future products, including plant-based lobster, scallops and crab.

“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,” said NEA general partner Liza Landsman, who will join the New Wave Foods board of directors.

In 2019, New Wave Foods announced that it had secured funding from Tyson Foods through the meat giant’s Tyson Ventures subsidiary.