Following its recent $18M series A round, alternative seafood producer New Wave Foods announces today the official distribution of its plant-based shrimp to foodservice and restaurant companies in the USA. New Wave Shrimp, made from seaweed and plant protein, is New Wave’s first offering, with further plant-based shellfish to follow in 2022 to include lobster, scallops and crab.
Funded by Tyson Foods, the world’s second largest processor and marketer of chicken, beef, and pork – after Brazil’s JBS – the company announces today that it has signed a non-exclusive distribution agreement with Dot Foods, the largest foodservice industry redistributor in North America, to officially launch the New Wave Shrimp to North American restaurants and foodservice companies.
New Wave Foods is focused on the restaurant and non-commercial foodservice segments where 80 percent of shrimp is consumed. Seafood is expected to take the plant-based food spotlight in 2021, according to Datassential. Americans eat an estimated 1.5 billion pounds of shrimp annually, making shrimp the most consumed seafood in the U.S., with consumption intake equal to twice as much as salmon or tuna.
“Following our recently announced $18 million Series A financing, we’re excited to launch this new agreement which extends our presence and provides foodservice companies throughout the U.S. greater access to New Wave’s plant-based shrimp,” said Mary McGovern, CEO, New Wave Foods. “Given Dot Food’s vast foodservice distribution coverage, this partnership provides New Wave Foods with immediate national availability while demonstrating Dot’s belief in the growth of plant-based eating and New Wave’s product offering.”
“We know that commercial and non-commercial foodservice operators need to continue to excite their guests with innovative food products, and plant-based food is the largest growing segment,” said Rodd Willis, director of natural and specialty, Dot Foods. “New Wave Shrimp is an extremely unique product – a true game changer in the seafood industry. We believe that it is a great plant-based alternative to ocean shrimp as an ingredient, and that it delivers on the needs of foodservice operators for menu versatility and quality.”