New Wave Foods Completes $18M in Series To Bring Plant-Based Shrimp To Market

New Wave Foods Completes $18M in Series

2020 was the year of the plant-based burger. Then 2021 could be the year of plant-based seafood. New Wave Foods announced today it just closed an 18 million dollar series around for its plant-based seafood alternatives. Closing the 18 million dollar series puts us in a position to enter the market with great force. New Wave Foods is about to come in with a very aggressive go-to-market plan. New Wave Foods coming in through foodservice where 80% percent of shrimp is consumed. The shrimp market itself is an 8 billion dollar market.

New Wave Foods are really entering some huge white space with an extraordinary product. That has the taste, the texture, and the versatility of shrimp. So New Wave Foods have deemed 2021 the year of the shrimp. New Wave shrimp is a hundred percent plant-based. Cornerstones are first of all is seaweed. There’s a seaweed derivative that gives it its crunch. And there’s also the protein the plant protein is mung beans so those are two of the anchors of their product.

Plant-based crab and plant-based lobster

In this coming year of their plan is to own shrimp. New Wave Foods are going to enter the market. And not only would the first shrimp which is like a frozen pre-cooked shrimp. And it is the size that you would have in an entree. New Wave Foods is going to come with a second size which is more of a popcorn size. As well as breaded and sauced. so they’re going to come in and give the full array of shrimp in this year. And then going to follow next year to complete the shellfish portfolio with lobster, scallops, and crab.

New Wave Foods shrimp

New Wave Foods Shrimp

They are just starting to ship this month. And we are very excited to have a wonderful partner for distribution. Which will give us national distribution very quickly. And because 80% of shrimp is consumed on food service. It’s most certainly the channel to be in. There have been even in these difficult times some really highly successful adaptive. Players in the market and they’re going with them first. But according to them that the back half of the year. They’re really going to see things picked up. Which are perfect timing and perfect positioning. Not only for their product but the fact that so many people want to get back out normalize their lives go out to dinner. And there’s only that much more interest in plant-based healthy sustainable eating coming out of this pandemic period.

In the second quarter and certainly in the back half of the year. You will see New Wave Foods in national chains as well as regional. And you’ll see New Wave Foods in a variety of settings so this year you will start to see them in many locations.

New Wave Foods don’t have so much of a timeline on retail. From the CPG side of things that this is a branded product and New Wave Foods will be a branded food company.

And so they’re coming in with very very strong branding. They can’t see the retail following at some point. But truly probably the first inroads in retail will be through their home, home meal solutions. New Wave Foods already had some interest from leading retailers in that arena. That could be a very good segue. But they’re going to let the culinary force and the culinary leadership and innovation in foodservice, by the way, this is introduced. And let them at-home follow.


Read more: Hot Food Trends for 2021

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