New Wave Foods develops a proprietary plant-based shrimp formulated from sustainable seaweed and plant proteins, claiming taste and texture virtually indistinguishable from ocean shrimp after years of chef and R&D collaboration. The product targets the $9 billion U.S. shrimp market, where Americans consume an estimated 1.5 billion pounds of shrimp annually and roughly 80% is eaten in foodservice. The company aims to expand its plant-based shellfish lineup to include lobster, scallops, and crab following its shrimp rollout. New Wave Foods recently closed an $18 million Series A to scale up production, expand sales and marketing, accelerate future product development, and grow its team. The product is positioned for foodservice operators because it is versatile and easy to prepare. Leadership emphasizes environmental and humane benefits relative to shrimp farming and overfishing. New Wave Foods develops a seaweed- and plant-protein alternative to shrimp. The product was created by a development team of food scientists, academics, and chefs under co-founder and CTO Michelle Wolf. The company says its shrimp substitute contains the eight amino acids found in meat and seafood, is lower in calories and salt than real shrimp, has zero cholesterol, and contains no allergens. Mary McGovern, a longtime consumer goods executive, leads the company alongside co-founder Dominique Barnes. New Wave positions the product as a one-for-one swap that is interchangeable across recipes and aimed at chefs and foodservice operators seeking sustainable choices. The startup is based in San Francisco and participates in the broader alternative-protein move into the seafood market. New Wave Foods engineers seafood alternatives from algae, aiming to replicate shrimp’s taste, texture, and nutrition. Founded in 2015 by CEO Dominique Barnes and CTO Michelle Wolf, the company sources algae from third parties and builds products by studying seafood at a molecular level. Its first prototype is already being served in Google’s cafeterias, and the team plans broader market entry in late 2016 or early 2017. The startup has raised seed funding (amount undisclosed) and previously received $250k from SOSV after completing IndieBio’s San Francisco accelerator. The new capital will be used to scale up production, expand the team, and develop brand messaging. The company cites scaling and pricing as key challenges but emphasizes sustainability benefits versus conventional shrimp farming.

Total raised

$18M

Funding rounds

3

Latest round

Series A

Latest activity

Jan 2021