U.S. plant-based food company Gathered Foods, makers of Good Catch plant-based seafood, has raised US$26.4M in an oversubscribed series B funding round. The raise comes after raising US$36.8M in 2020 and the opening of a new production facility. Gathered Foods intends use the latest funding to ramp up product innovation and expand its product line. Major investors in the most recent round include fish feed and agricultural goods giant Louis Dreyfus Company, along with Unovis Asset Management, and Big Idea Ventures.
With demand for plant-based seafood alternatives expected to increase, Gathered Foods will collaborate with Louis Dreyfus Company “to create breakthrough opportunities,” said Gathered Foods CEO, Christine Mei. “Partnering with proven companies who are innovators in their own right can only sharpen our ability to positively disrupt a nascent industry with our innovative portfolio of Good Catch products.”
“Consumer demand of trailblazing plant-based alternatives is nearly insatiable” said Chris Kerr, Co-Founder of Gathered Foods, noting that sustaining that interest is dependent on taste and availability. Kerr said the investment demonstrated the food industry’s recognition of alternative proteins and response to a significant shift in consumer behaviour and mindset.
Good Catch points to sustainability as a driving force behind the company mission, noting that according to the United Nations, nearly 90% of the world’s marine fish stocks are now fully exploited, overexploited or depleted, with fisheries subsidies playing an integral part. The company hopes that creating attractive alternatives to seafood can translate to a significant environmental impact.
Good Catch products are currently available across the U.S., Canada, United Kingdom, the Netherlands and Spain. The company intends to expand its international retail footprint, beginning in Europe, later this year.
READ MORE: Good Catch hauls in USD 26 million investment from Louis Dreyfus, others [Seafood Source]
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