Gathered Foods, parent company of Good Catch, a plant-based seafood firm, has recently announced the conclusion of a Series B funding round. The oversubscribed funding round, includes two major investors, namely Greenleaf Foods and General Mills’ venture arm, 301 INC.
The round was led by Rocana Ventures and Stray Dog Capital, as well as eminent impact investors including CPT Capital, New Crop Capital and Almanac Investments. The net proceeds from the investment amount to over $32 million.
These proceeds are expected to aid the expansion of Good Catch’s distribution network, across Europe, North America and Asia. They will also facilitate the inauguration of a new state-of-the-art production facility, in addition to launching new product & food channels, which will become operational by early 2020.
Over the past year, the US plant-based food retail market has shown growth over five times faster than the cumulative US retail food sales, recording a valuation of $4.5 billion. Gathered Foods Co-Founder & CEO Chris Kerr has reportedly stated that Good Catch is all set for the next phase, with renewed focus on fulfilling customer desires with robust plant-based culinary offerings across all channels. He further commented that this funding round indicates the acceptance of the company’s strategy, consumer perception and innovative aspirations by the overall food industry.
301 INC MD, John Haugen, commented on the investment, stating that the company was immediately fascinated by Good Catch’s goal to create sustainable plant-based seafood alternatives that are as tasty as their traditional counterparts. He went on to say that Good Catch stood out as a robust, brand with tremendous potential and keen leadership, and expressed his pleasure in contributing towards the company’s future growth.
For the uninitiated, Good Catch is founded by brothers and chef partners Derek & Chad Sarno. Using their proprietary six-legume blend as a base, and algae & seaweed extracts for a robust umami flavor, the company is dedicated to creating safe, allergy-free and ecologically-friendly plant-based seafood alternatives that match the flavors, textures and nutritional values found in their conventional counterparts.
Good Catch products are available in over 4500 US retail stores and will launch in UK markets in coming weeks.