The maker of Good Catch plant-based seafood products has secured the backing of General Mills and Maple Leaf Foods as part of a Series B funding round valued at more than $32 million.
Gathered Foods will use proceeds from the investment to expand distribution across North America, Europe and into Asia, to open a new manufacturing facility and to launch additional products early this year.
General Mills invested in the company through its 301 Inc venture capital arm and Maple Leaf through its Greenleaf Foods subsidiary.
The round was led by Stray Dog Capital and Rocana Ventures with participation from Almanac Investments, CPT Capital and New Crop Capital.
“Consumer demand of trailblasing plant-based alternatives is nearly insatiable, and this trend is led by taste and availability. This next phase for Good Catch is laser-focused on meeting consumer desires with culinary applications across all channels,” said Chris Kerr, CEO of Gathered Foods.
“This round of investment emphasises the food industry’s recognition of our strategy, our reception by consumers, and anticipation for more innovation to come.”
Behind the success of Good Catch are founding chef partners and brothers, Chad and Derek Sarno, who helped create the company’s proprietary six-legume blend (peas, chickpeas, lentils, soy, fava beans and navy beans), used as the base of inaugural Good Catch products.
The added umami flavour from seaweed and algae extracts is said to create a “real seafood flavour”.
“When we met the Good Catch team, we were immediately captivated with their mission to develop more sustainable plant-based seafood products that taste as delicious as traditional seafood,” said John Haugen, managing director of 301 Inc. “Good Catch stands out as a strong, expandable brand with passionate leadership, and we’re excited to partner to grow.”
Greenleaf Foods CEO Dan Curtin added: “Good Catch is pioneering a new, promising sector of the fast-growing plant-based protein category and we’re thrilled to support their continued growth and progress as they deliver consumers great-tasting plant-based seafood products that support their brand mission – and ours, as well.”
Good Catch products are now available in more than 4,500 US retail outlets and will be launching in the UK in the coming weeks.
© FoodBev Media Ltd 2020