Tyson Ventures invests in vegetable shrimp
New Wave Foods raises $ 18 million in a series A funding round
New Wave Foods, a San Francisco, California-based manufacturer of a plant-based shrimp alternative, raised $ 18 million in a Series A funding round, Forbes reported. This figure includes an investment by Tyson Ventures, the venture capital arm of Tyson Foods. "The product, based on seaweed and mung beans, will debut in bistros and restaurants this year," said Mary McGovern , CEO of New Wave. The company currently has no plans to sell in stores or online yet, but says it continues to work on savory and breaded versions of the product.
"The $ 18 million raise is a huge milestone for us", said the CEO. "What really drives us is our mission to disrupt a $ 9 billion market". The Forbes article suggests that New Wave is the major player in the shrimp market for plant-based alternatives. A project started in 2015 when Michelle Wolf, with a background in materials science and biomedical engineering, met oceanographer Dominique Barnes. "This was one of the reasons I got hooked on the project: because I saw the interest people had in Impossible and Beyond Meat, but nobody was considering seafood", said Wolf. Tyson Ventures first invested in the company in 2019.
EFA News - European Food Agency