Good Catch, a foodtech brand, closed an $8.7M Series A funding round.
The round was led by New Crop Capital with participation from PHW Group, Thrive Market, Fresh Direct, Stray Dog Capital, Clear Current Capital, VegInvest, Rocana Capital, Blue Horizon, EverHope Capital, Baleine & Bjorn Capital, M13, and Starlight Ventures.
Co-founded by co-CEOs Chris Kerr and Eric Schnell, Good Catch offers a line of plant-based, culinary-driven, fish-free seafood that mimics the taste of tuna.
THE PRESS RELEASE
Plant-Based, Chef-Mastered, Good Catch Secures $8.7M Series A Financing Round Led by New Crop Capital and Syndicate of Impact Investors
World’s First Food-Tech Brand to Mimic Real Taste and Texture of Tuna Sets Sail to Revolutionize Seafood on a Global Scale
NEW YORK, Aug. 7, 2018 /PRNewswire/ — On a mission to provide ocean-friendly, plant-based seafood options for everyone, the culinary rebels with a cause at Good Catch today announced the closing of an $8.7M Series A funding round. The round was led by New Crop Capital and a syndicate of investors: leading European food manufacturer PHW Group; retailers Thrive Market and Fresh Direct; strategic private investors and entrepreneurs with global reach; and mission-aligned impact partners, including Stray Dog Capital, Clear Current Capital, VegInvest, Rocana Capital, Blue Horizon, EverHope Capital, Baleine & Bjorn Capital, M13, and Starlight Ventures.
Good Catch’s early success represents the expansion of the plant-based megatrend into the seafood market segment, a virtually uncontested space with international impact potential. Good Catch is launching at a critical moment, tapping into the food-tech zeitgeist with a line of culinary-driven, fish-free seafood as the world braces for the collapse of global fisheries before 2050.
Nearly 90% of large predatory fish stocks are depleted.
Oceans currently serve as the world’s largest source of protein, with more than 3 billion people consuming marine life as their primary protein source.
Alternative proteins are poised to command a third of the protein market by 2050.
“The relentless and indiscriminate killing of marine life is devastating ocean ecosystems,” said Good Catch cofounders and co-CEOs Chris Kerr and Eric Schnell in a joint statement. “The only truly sustainable seafood is seafood that allows fish to remain in the ocean. It is abundantly clear that we need a new approach to seafood. This is a global concern, and we need global stakeholders to put this approach into action; time is not on our side.”
United over their love of good food, plant-based eating, and animal welfare, the founders of Good Catch are bringing more than 100 years of mission-driven entrepreneurship and visionary leadership to the company. Founded by the venture firm New Crop Capital, by conscious agency BeyondBrands, and with culinary innovation led by renowned plant-based chefs Chad & Derek Sarno, the team aims to help solve the oceans’ complex global issues with new sustainable food technology and marine welfare, which are at the core of the company’s mission.
“The Good Catch team has built a truly world-class plant-based protein, an area where we’re seeing massive growth and demand. We’re incredibly excited to help bring Good Catch to market in 2018 and proud to call them the third investment out of Thrive Market Ventures,” said Nick Green, Thrive Market cofounder and co-CEO.
“The equity investment in Good Catch is evidence of our forward-thinking strategy. Good Catch is consistent with our pursuit to provide the U.S. with sustainable, clean foods. We do not see this transaction as a financial investment but rather as the beginning of a long-term strategic partnership,” said Paul Wesjohann, PHW Group, one of Europe’s largest poultry producers.
Also investing in this round is M13, founded by serial CPG entrepreneurs and investors Courtney & Carter Reum. Courtney, who has also joined Good Catch’s board, remarked, “M13’s mission is to accelerate innovative consumer brands through the use of leading-edge technology and media. We are thrilled to collaborate with such a groundbreaking, dynamic, and on-trend brand.”
“Today, while navigating the quest for clean protein and nutrition, consumers are faced with a minefield of choices and tradeoffs,” said Good Catch cofounder Marci Zaroff. “Good Catch is committed to solving the problem with innovative ingredients and delicious novel products that serve and satisfy consumers globally – no exploitation required.”