Canadian alt seafood brand Konscious Foods announces it has raised $26 million in a seed financing round to make its plant-based seafood food widely accessible. Participant investors include Protein Industries Canada, Zynik Capital, and Walter Group.
The raised funds will propel the company’s retail and food service expansion, support its manufacturing operations, and the necessary marketing initiatives for its next nationwide retail launches. Konscious Foods says it expects to launch in over 4,500 stores across North America by the end of the year.
“Konscious Foods has created true alternatives to some of the world’s most important seafood products and without sacrificing quality, which is a feat unmatched by others in the plant-based food space,” said Iqbal Kassam, Chairman of Zynik Capital.
Transforming the seafood industry
Yves Potvin, who previously launched the plant-based brands Gardein and Yves Veggie Cuisine, created Konscious Foods to offer the first-ever frozen plant-based sushi: “incredibly easy, convenient, and sustainable.”
The company’s plant-based seafood range includes sushi rolls, onigiri stuffed rice snacks, and poke bowls. Its products are available at retailers across the US and Canada, including all Whole Foods Market locations. Konscious Foods’ seafood recipes use 100% plant-based and non-GMO ingredients. Moreover, its products are gluten, carrageenan, and titanium dioxide-free.
“The products offered by Konscious Foods represent a significant shift in the plant-based food space. It proves that meat alternatives do not need to be highly processed, filled with unnatural ingredients or cost more than the incumbent products. We believe the company will transform plant-based food and the seafood industry,” said Pierre Somers, Chairman and CEO of Walter Group.
Seafood made from plants
A report by Data Bridge Market Research has predicted that the plant-based seafood market will grow with a considerable CAGR of 28.5% through 2029. And a previous report suggests that alt seafood is a significant driver of the plant-based food market as a whole. Europe is dominating the plant-based seafood market, with companies such as Hooked Foods and Revo Foods launching NPDs.
“This investment validates our excitement about the demand – and critical need – for seafood made from plants. With the rising demand for fish, and subsequent overfishing crisis, we feel it is crucial to have better for you, better for the world seafood options that don’t sacrifice taste or texture.
“The funds will allow us to focus on sales and marketing efforts as we expand distribution across North America and continue our goal of making sustainable, delicious plant-based food widely accessible,” says Potvin.
