- San Francisco-based New Wave Foods announced it received funding from Tyson Ventures and is planning to have a shrimp alternative ready in early 2020
San Francisco-based New Wave Foods — a plant-based shellfish product company founded by Dominique Barnes and Michelle Wolf — announced it has raised funding from Tyson Foods through its corporate venture subsidiary Tyson Ventures. And New Wave Foods is planning to have a shrimp alternative ready for food service operators in early 2020. New Wave Foods is also going to be announcing the launch of its Series A round in the near future.
“We worked with the Culinary Institute of America to set the gold standard for this product and then created a plant-based shrimp that has had rave reviews from the thousands of people who have tasted it,” said New Wave Foods CEO Mary McGovern. “Our plant-based shrimp cooks and tastes just like the real thing, and it matches the texture, taste, performance and versatility of shrimp fresh from the ocean. The proof is in the overwhelming, positive response we have had to the product.”
New Wave’s product is based on Wolf’s extensive collaboration with a team of some of the best and most experienced R&D professionals in the U.S. including leading food scientists as well as academics. The company’s plant-based shrimp offering is made with sustainably sourced seaweed and plant protein, and contains all 8 essential amino acids that are found in all meats and seafoods. Plus it also contains no allergens, zero cholesterol and is lower in both calories and salt than real shrimp.
“We’re excited about this investment in the fast-growing segment of the plant-based protein market,” explained Tyson Ventures president Amy Tu. “This continues our focus of identifying and investing in companies with disruptive products and breakthrough technologies related to our core business so we can continue to serve a growing global population.”
And in June, Tyson Foods had announced its own alternative protein products under the Raised & Rooted brand led by Tyson Foods executive vice president Justin Whitmore. The initial Raised & Rooted products include nuggets made from plants available in 5,000 retail stores by the end of September along with blended burgers made with a combination of beef and plants that will be available this fall.
“Our product is a delicious, one-for-one direct swap for the real thing, and interchangeable in a wide range of recipes,” added McGovern. “It gives chefs and food service operators great menu options while addressing consumers’ growing demand for sustainable choices.”
