Gathered Foods, which makes Good Catch plant-based seafood products, announced the closing of an oversubscribed Series B funding round. Strategic industry investors included Greenleaf Foods, and 301 INC, the venture arm of General Mills. The net proceeds from the investment, totaling over $32 million, will be used for the significant expansion in distribution across North America, Europe, and into Asia, as well as the opening of a state-of-the-art manufacturing facility, and new product and food service channel launches in early 2020.
"Consumer demand of trailblazing 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 and co-founder of Gathered Foods, in a press release. "This round of investment emphasizes the food industry's recognition of our strategy, our reception by consumers, and anticipation for more innovation to come."
"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, in a press release. "Good Catch stands out as a strong, expandable brand with passionate leadership, and we're excited to partner to grow."
The base of Good Catch products is a proprietary six-legume blend made up of peas, chickpeas, lentils, soy, fava beans, and navy beans, with seaweed and algae extracts creating the umami authentic seafood flavor. The goal is to make Good Catch more widely available. Currently, Good Catch products are in over 4,500 retail outlets across the United States, and will be launching in the United Kingdom in the coming weeks.