Company News

New Wave Foods Raises $18 Million Series A for Plant-Based Shrimp & Shellfish

New Wave Foods announced today that it has recently completed an $18 million Series A round of financing to disrupt the $9 billion dollar shrimp market with plant-based shrimp made of sustainable seaweed and plant proteins. The Company will initially focus on selling its product to restaurants and foodservice locations.

Tyson Ventures, the venture capital arm of Tyson Foods, Inc., invested in the Company as previously announced. The new round of financing enables New Wave Foods to scale up production, aggressively expand its sales and marketing efforts, and accelerate the Company’s plans for future products, to include lobster, scallops, and crab following the rollout of its plant-based shrimp product.

“Plant-based protein is one of the most important consumer trends in decades, with explosive demand for healthy, sustainable products, and New Wave Foods is delivering a plant-based seafood alternative that is delicious, responsible, and humane,” said Liza Landsman. “It’s an uncompromising, category-defining approach to a fast-growing market, and we are thrilled to partner with the New Wave Foods team on what promises to be a remarkable journey.”

New Wave Jambalaya
©New Wave Foods

New Wave Foods’ proprietary product is a result of years of close collaboration between top-tier chefs and renowned R&D experts. The result is a plant-based shrimp that is virtually indistinguishable from ocean shrimp in terms of taste and texture.

“Our focus is on offering customers a new, innovative, plant-based shellfish, beginning with the introduction of our plant-based shrimp. Along with a delicious tasting product, we aim to address the environmental issues that come with shrimp farming and overfishing,” said Mary McGovern, CEO, New Wave Foods. “We look forward to an exciting next chapter of growth for the Company and are honored to have an outstanding group of investors who share and support our vision.”

“We’re launching a versatile plant-based shrimp that can be used in a wide range of shrimp dishes,” said Michelle Wolf, Co-Founder and CTO, New Wave Foods. “We have developed a product that is delicious and easy to prepare; these are key factors for foodservice operators.” 

New Wave Foods
©New Wave Foods

“Consumers have rapidly embraced and adopted plant-based foods, and New Wave Foods represents a compelling opportunity in the protein alternatives space,” said Gregg Smith, Founder and CEO, Evolution VC Partners, long-term New Wave Foods investor, and board member. “As a long-term investor in plant-based companies, I am extremely confident that New Wave Foods is poised to lead the shellfish category with its proprietary product.”

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