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Plant-Based Shrimp Maker Raises $18 Million

Specialty Food Association

New Wave Foods, maker of plant-based shrimp, has completed an $18 million series A round of financing, led by New Enterprise Associates, along with Evolution VC Partners and other new and existing partners. In addition, Liza Landsman, general partner at NEA, will join New Wave Foods’ board of directors.

The financing will help New Wave Foods scale up production, expand its sales and marketing efforts, accelerate its plans for future products, and further build its strong team.

"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 Landsman, in a statement. "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."

"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, in a statement. Wolf spoke at the 2019 Winter Fancy Food Show. "We have developed a product that is delicious and easy to prepare; these are key factors for foodservice operators," she said.

Related: Campaign Emphasizes Maine Seafood During PandemicNew Product Roundup: Plant-Based Portfolio Expansions.

Image: New Wave Foods