New Wave Foods has 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 sustainable shrimp, the company said.
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 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 company said.
“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.
Source: Quality Assurance and Food Safety // Original Article
