Vegan seafood company secures $26.35 million in B-2 bridge funding round
Investment underscores global confidence in the ever-growing plant-based seafood sector
Gathered Foods, makers of Good Catch vegan seafood has announced that the company has successfully secured an impressive $26.35 million USD in a B-2 bridge funding round with investments from Louis Dreyfus Company (LDC), Unovis Asset Management, Big Idea Ventures, and others.
This strategic funding will allow Gathered Foods to further propel Good Catch vegan seafood to the forefront of the industry, as well as raise awareness for the trajectory of the plant-based industry’s market growth and popularity.
This investment follows on from last year’s successful Series B funding round, where the company secured $36.8 million USD.
The financing allowed the brand to continue on its successful path towards expansion and production, leading to the opening of its own state-of-the-art plant-based production facility in Heath, Ohio, US.
Gathered Foods will use this new round of funding to ramp up product innovation and dramatically increase the number of Good Catch products on the market.
The additional backing will also aid Gathered Foods to expand Good Catch’s international stockists, beginning in Europe, with further expansion planned for later in 2021.
Christine Mei, CEO of Gathered Foods says: “We are excited to have this important investment by LDC, a well-respected leader in the agricultural, food and ingredients space, to help fuel growth and expansion of our company.”
“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. As demand for plant-based seafood continues to rise, we look forward to further collaboration with LDC to create breakthrough opportunities.”
Max Clegg, head of LDC’s corporate venture capital program, LDC Innovations adds: “Gathered Foods combines leading edge R&D and state-of-the-art manufacturing capabilities and strong management, to deliver delicious plant-based products to a global market.”
“We are thrilled to partner with the company, as it expands the reach of its Good Catch brand and attracts new customers to this fast-growing sector.”
The vegan market continues to grow, with consumer interest at an all-time high following the success of NETFLIX fishing exposé documentary, Seaspiracy.
Gathered Foods is seizing this wide impact and innovation opportunity to bring new products to the US market and across the globe.
The company’s Good Catch vegan seafood products are currently available across the US, in the UK through a partnership with Tesco, in Canada through partnerships with Loblaws and Sobeys, and in Europe throughout retailers in the Netherlands and Spain.
Gathered Foods is also working with key European distributors to bring its vegan seafood products to more consumers globally, through strategic retail and foodservice partnerships.
Chris Kerr, co-founder and executive chairman of Gathered Foods says: “This round of investment signifies a milestone for both Gathered Foods and the plant-based industry as a whole.”
“LDC’s investment in Gathered Foods is a perfect complement to its plant-based food strategy and creates opportunities for collaboration between both companies. LDC’s global reach, supply chain management, R&D capabilities and procurement expertise will be key to Gathered Foods’ ability to broaden its global footprint and bring new building blocks to our expanding portfolio of offerings. We are very grateful for the trust and support from LDC.”
Last year was incredibly successful for the innovative vegan seafood company. In addition to the opening of its state-of-the-art facility and vast retail expansion, Gathered Foods announced a distribution partnership with Bumble Bee Foods, which allowed Good Catch vegan seafood products to be available to consumers on a larger scale through new distribution channels.
Good Catch also launched its line of frozen appetisers and entrees, which was met with great consumer feedback and retail demand.
Additionally, the company announced new backing from celebrities Woody Harrelson, Shailene Woodley, Paris Hilton and Lance Bass, which indicated the overwhelming belief in the future of plant-based seafood and has helped to create more consumer awareness around the products.
Who is Gathered Foods?
Gathered Foods, makers of Good Catch vegan seafood, is an innovative food company focused on propelling change through plant-based alternatives. United by a love of good food, plant-based eating, and animal welfare, Gathered Foods is on a mission to raise consciousness, reduce harm, and preserve environmental resources, all while delivering a great culinary experience.
The team is dedicated to creating crave-worthy plant-based foods for everyone, from vegan to omnivore and everybody in between.
Who is Good Catch?
Good Catch is a chef-driven brand developing flavourful, plant-based seafood alternatives. Founded by pioneering chefs Derek and Chad Sarno, Good Catch products offer the taste, texture and eating experience of seafood without harming the environment.
Good Catch products include single-serve, ready-to-eat pouches of Plant-Based Tuna and frozen Plant-Based Fish Burgers, Plant-Based Crab Cakes and Plant-Based Fish Cakes available in retailers across the East Coast, with wider distribution planned.