Plant-Based Shellfish Company New Wave Foods Raises $18 Million

By Annie Baker ● January 15, 2021
  • New Wave Foods — a company that is disrupting the $9 billion dollar shrimp market with the introduction of a plant-based shrimp made of sustainable seaweed and plant proteins — recently announced that it has completed an $18 million Series A round of financing

New Wave Foods — a company that is disrupting the $9 billion dollar shrimp market with the introduction of a plant-based shrimp made of sustainable seaweed and plant proteins — recently announced that it has completed an $18 million Series A round of financing. Leading the funding round was New Enterprise Associates along with Evolution VC Partners as well as other new and existing investors. And Tyson Ventures, the venture capital arm of Tyson Foods, invested in the company as previously announced in September 2019.

NEA general partner Liza Landsman will join the New Wave Foods Board of Directors. And the Series A funding 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.

Americans eat an estimated 1.5 billion pounds of shrimp every year, making shrimp the most consumed seafood in the U.S. with consumption intake equal to twice as much as salmon or tuna. Notably, 80 percent of shrimp is consumed in foodservice. And New Wave Foods’ proprietary product is a result of years of close collaboration between top-tier chefs and renowned R&D experts. The result is a plant-based shrimp that is virtually indistinguishable from ocean shrimp based on taste and texture.

The company is looking to expand its plant-based shellfish offering to lobster, scallops, and crab following the rollout of its plant-based shrimp product.

KEY QUOTES:

“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. 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.”

— NEA general partner Liza Landsman

“Our focus is on offering customers a 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. We look forward to an exciting next chapter of growth for the Company and are honored to have an outstanding group of investors who share and support our vision.”

— Mary McGovern, CEO, New Wave Foods

“We’re launching a versatile plant-based shrimp that can be used in a wide range of shrimp dishes. We have developed a product that is delicious and easy to prepare; these are key factors for foodservice operators.”

— Michelle Wolf, Co-Founder and CTO, New Wave Foods

“Consumers have rapidly embraced and adopted plant-based foods, and New Wave Foods represents a compelling opportunity in the protein alternatives space. As a long-term investor in plant-based companies, I am extremely confident that New Wave Foods is poised to lead the shellfish category with its proprietary product.”

— Gregg Smith, Founder and CEO, Evolution VC Partners, long-term New Wave Foods investor, and board member