Food picked, making the Good catch plant-based seafood brand, today announced that it has secured $ 26.35 million in a B-2 financing round from investors such as Louis Dreyfus Company, Unovis Asset Management and Big Idea Ventures.
This new funding follows the $ 36.8 million Series B round of funding the company raised in January 2020. With Round B-2, Gathered Foods has raised over $ 75 million nowadays.
The Good Catch brand currently offers lines of plant-based fish products including tuna, frozen fish burgers, fish cakes and crab cakes. Good Catch has a distribution partnership with Bumble Bee Foods and its products are currently available in the United States and Canada as well as various European countries.
As plant-based burgers like Impossible Foods and Beyond Meat grab the headlines, we’re starting to see more and more plant-based seafood entering the market. Revo Foods (formerly Legendary Vish) is launching plant-based salmon strips and salmon spread, and developing a 3D printed plant-based salmon fillet. Supported by Tyson Foods of the new wave launched a plant-based shrimp product last month. And Hug Ocean is back, making his plant-based eel and tuna after going out of business due to the pandemic.
All of this activity is supported by the fact that the whole plant-based food industry has experienced rapid sales growth over the past two years. According to recent data from the Good Food Institute and the Plant-Based Food Association, retail sales of plant-based foods reached $ 7 billion in 2020, increasing 27% over the past year, almost twice as fast as total food retail sales in the United States.
In its funding announcement today, Gathered Foods said it will use the new funding to accelerate product innovation, increase the number of products it offers and fuel international retail expansion.