Gathered Meals, maker of Good Catch plant-based seafood, closed a $26.35 million B-2 bridge funding spherical. Buyers on this spherical embody world agricultural commodities superpower Louis Dreyfus Firm (LDC), in addition to Unovis Asset Administration and Large Concept Ventures.
The funds will likely be used to ramp up innovation, improve the variety of merchandise in the marketplace and assist Good Catch broaden internationally. The enlargement is slated to start in Europe, and additional rollouts are deliberate for later in 2021.
Good Catch had a giant yr of fundraising and development in 2020. It raised $36.8 million in an prolonged Sequence B spherical, which netted traders from Large Meals — together with Greenleaf Meals and Common Mills enterprise arm 301 Inc. — and the world of leisure. It additionally launched new merchandise, opened a manufacturing facility and employed a brand new CEO.
Prior to now a number of years, Good Catch went from a small-scale startup to a number one participant within the house. The plant-based seafood maker has attracted key partnerships, huge funds and revered backers, and cemented its manufacturing potential for the long run with a custom-built manufacturing facility.
This newest funding spherical continues that monitor report. LDC is without doubt one of the world’s leaders in commodities farming, sourcing and buying and selling. This funding can assist Good Catch not solely discover the elements it wants worldwide, however it additionally offers alternatives to make manufacturing and distribution inroads all through the world.
“Partnering with confirmed firms who’re innovators in their very own proper can solely sharpen our potential to positively disrupt a nascent trade with our revolutionary portfolio of Good Catch merchandise,” Gathered Meals CEO Christine Mei mentioned in an announcement.
Whereas LDC is lively within the commodities and elements enterprise, it has not been a big funder of different meals firms. Based on Crunchbase, its solely earlier funding was in high-tech elements firm Benson Hill. Gathered Meals co-founder and Government Chairman Chris Kerr mentioned in an announcement this funding is a milestone for the plant-based trade due to LDC’s world attain, procurement experience, R&D capabilities and provide chain administration information.
Gathered Meals and Good Catch have taken benefit of different partnerships, each cast by way of funding rounds in addition to agreements. Final yr, the corporate introduced a partnership with tuna titan Bumble Bee, which permits Good Catch to leverage its gross sales, distribution and logistics experience to get its plant-based merchandise on grocery retailer cabinets. Kerr mentioned in an interview final yr that this partnership was answerable for all customers who have been capable of finding Good Catch merchandise of their native supermarkets — and particularly within the canned seafood aisle.
Different key partnerships by way of funding final yr embody Greenleaf Meals, which is the guardian firm of plant-based meat model Lightlife, and Common Mills’ 301 Inc., which additionally labored with Past Meat. These funders even have experience each in worldwide expansions and the plant-based meat market. Kerr mentioned final yr they helped plan expansions and fund the brand new manufacturing facility and launches.
The corporate’s subsequent innovation stays to be seen. Good Catch launched three frozen plant-based seafood merchandise final yr — New England Fashion Plant-Based mostly Crab Desserts, Thai Fashion Plant-Based mostly Fish Desserts and Traditional Plant-Based mostly Fish Burgers. These merchandise will not be breaded, which Kerr mentioned on the time was a technique to put their high quality up entrance; breading is an effective technique to disguise flaws. With proof of idea for plant-based fish and crab already in the marketplace, maybe battered plant-based fish sticks may very well be subsequent. The corporate may be desirous about taking over different types of seafood, together with salmon or shrimp.
New merchandise may be custom-developed for eating places as properly. The partnership with Bumble Bee provides Good Catch entry to Anova Meals, a provider owned by the tuna large that sells prime seafood to foodservice. Kerr mentioned final yr the plant-based firm will benefit from this relationship, however had waited on launches due to the coronavirus pandemic. As restaurant eating rooms start to reopen and customers stay up for consuming out, extra plant-based seafood choices on menus can be properly timed.