These are some US-based food startups that raised funding today:
1. New Wave Foods Raises US$ 18M in Series A
Founded in 2015, New Wave Foods has introduced plant-based shrimp that is made of sustainable seaweed and plant proteins. With people turning to vegetarian alternatives, New Wave Foods is currently eyeing to disrupt the US$ 9 billion shrimp market. Its plant-based shrimp is virtually indistinguishable from the ocean shrimp, both in terms of taste and texture.
Founders: Dominique Barnes, Jennifer Kaehms, Michelle Wolf
Funding raised: New Wave Foods has raised US$ 18M in its Series A round.
Investors: The investment round was led by New Enterprise Associates, with participation from Evolution VC Partners and Tyson Foods. Liza Landsman, General Partner at NEA, will join the New Wave Foods Board of Directors.
What the funding is for: New Wave Foods will utilize the funds to scale up production and aggressively expand its sales and marketing efforts. It will help to accelerate the startup’s plans for future products, and further build its strong team. New Wave will initially focus on selling its product to restaurants and foodservice locations.
What the CEO has to say: “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,” said Mary McGovern, CEO, New Wave Foods. “We look forward to an exciting next chapter of growth for the Company and are honoured to have an outstanding group of investors who share and support our vision.”
What the investors have to say: “Plant-based protein is one of the most important consumer trends in decades, with the 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,” said Liza Landsman.
2. Plant-based Meal Delivery Startup Thistle Raises US$ 10.3M in Series B
Founded in 2013, Thistle is a modern, tech-enabled food startup that delivers fully-prepared plant-based meals to customers directly. It aims to make eating nutritious, organic and local food convenient, inexpensive and accessible.
Funding raised: Thistle raised US$ 10.3 million in its Series B financing round.
Investors: The round was led by PowerPlant Ventures, with participation from Siddhi Capital, Alumni Ventures Group and Rich Products Corporation’s venture arm. PowerPlant Ventures had led Thistle’s Series A in January 2020.
What the funding is for: Thistle will utilize the funding to bring more fresh and ready-to-eat foods to people across the US. It is aiming at geographic market expansion and building an additional production facility on the East Coast. The startup is also going to launch an interesting offering for its customers, a complimentary virtual consultation with their own in-house registered dietitian, who will help the customers achieve their healthy diet goals.
What the CEO has to say: “Given rapidly shifting consumer preferences and factors like time or money that impact what foods we eat, Thistle is focused on expanding its operations to become the go-to meal solution that is better for you and for the planet. As always, we’ll never sacrifice taste, convenience, or quality. We’re dedicated to making our products accessible to customers, empowering them to take their personal health by the reins and enjoy the ride, one bite at a time. With this funding, we’ll be able to support even more people through scientific, evidence-based principles of nutrition that lead to optimal wellness, enjoyable eating and a healthier planet,” said Ashwin Cheryian, CEO of Thistle.
What investors have to say: “Eating a plant-forward diet is the single most impactful way to reduce your overall environmental footprint, reducing climate change, pollution, resource consumption, and species extinction. Consumer demand for plant-based foods is outperforming total food growth today, and this trend is expected to increase over the next decade as more people realize that eating more plants is a critical component to the long-term health of both the planet and our population,” said Dan Gluck, Managing Partner of PowerPlant Ventures.
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