Press Release – SAN FRANCISCO, Calif., July 19, 2016 – New Wave Foods announced today that it has successfully opened a seed round aimed at developing seafood that is healthier for humans and the planet. Efficient Capacity kicked off the round and New Crop Capital provided additional funding.
New Wave Foods uses plant-based ingredients, such as red algae, to engineer new edible materials that replicate the taste and texture of fish and shellfish while improving their nutritional profiles. Its first product, which has already been served in Google’s cafeterias, will be a truly sustainable shrimp. Shrimp is the nation’s most popular seafood, currently representing more than a quarter of the four billion pounds of fish and shellfish consumed by Americans annually. For each pound of shrimp caught, up to 15 pounds of other animals, including endangered dolphins, turtles, and sharks, die.
The market for meat analogs is expected to surpass $5 billion by 2020, and savvy investors are increasingly taking notice. In recent years, millions in venture capital has flowed into plant-based alternatives to animal foods from large food processors and investors like Bill Gates and Li Ka-shing, Asia’s richest businessman.
“The astounding scale of our consumption of sea animals is decimating ocean ecosystems through overfishing, massive death through bycatch, water pollution, carbon emissions, derelict fishing gear, mangrove deforestation, and more,” said New Wave Foods co-founder and CEO Dominique Barnes. “Shrimping is also fraught with human rights abuses and slave labor, so we’re pleased to introduce a product that is better for people, the planet, and animals.”
Efficient Capacity is an investment fund that advises and invests in companies worldwide. Efficient Capacity partners have founded or co-founded more than ten companies and served as advisors or directors to dozens of others.
New Crop Capital is a specialized private venture capital fund that provides early-stage investments to companies that develop “clean,” (i.e., cultured) and plant-based meat, dairy, and egg products or facilitate the promotion and sale of such products.
The current round of investments follows investments from SOS Ventures via IndieBio, an accelerator group funding and building biotech startups. IndieBio companies use technology to solve our culture’s most challenging problems, such as feeding a growing population sustainably. Along with investment, IndieBio offers its startups resources such as lab space and mentorship to help take an idea to a product.
Along with its funding round, New Wave Foods announced the appointment of John Wiest as COO. Wiest brings more than 15 years of senior management experience in food and consumer products, including animal-based seafood companies, to the company. As an executive and consultant, Wiest has helped dozens of food ventures develop new products, expand distribution channels, and create strategic partnerships.
New Wave Foods, founded in 2015, is a leader in plant-based seafood that is healthier and better for the environment. New Wave products are high in clean nutrients and deliver a culinary experience consumers expect without the devastating environmental impact of commercial fishing. Co-founder and CEO Dominique Barnes holds a master’s in marine biodiversity and conservation from Scripps Institution of Oceanography, and co-founder and CTO Michelle Wolf holds a bachelor’s in materials science and engineering and a master’s in biomedical engineering. New Wave Foods’ first products will reach consumers as early as Q4 2016. For more information, visit http://www.newwavefoods.com.
