Plant-based seafood company Good Catch ® secures over $32M – A big win for the fishes!

January 15, 2020
Jared
News

Updated: April 15, 2022

We are over the moon to announce that Gathered Foods, makers of Good Catch ®, a brand within Chad and Derek Sarno’s Wicked family, have closed the Series B funding round, which includes two strategic industry investors: Greenleaf Foods (owned by Maple Leaf – largest animal agriculture company in Canada and owners of Lightlife and Field Roast) and 301 INC, the venture arm of General Mills.

“We saw a white space in the plant-based seafood options on the shelves and knew that there needed to be disruption to the seafood industry as well, pair this with some incredible impact investors, we set out to create the taste, texture, nutrition and the experience of seafood – without harming the environment. We’ve had incredible feedback since we launched. Our products are available in 4500 stores in the US…and we are only just getting started.’ – Chad Sarno VP of Culinary and Co-Founder.

“We’ve had incredible feedback since we launched. Our products are available in 4500 stores in the US…and we are only just getting started.“ – Chad Sarno, VP of Culinary and Co-Founder.

Led by Stray Dog Capital and Rocana Ventures and including several prominent impact investors, such as Almanac Investments, CPT Capital and New Crop Capital, the net proceeds from the investment of series B, totaling $32 million will be the key for Good Catch ® to take their mission to the next level and globally!

“The next phase for Good Catch ® is to be laser-focused on meeting consumer desires with culinary applications across all channels” – Chris Kerr, CEO and Co-Founder of Gathered Foods. “This round of investment emphasizes the food industry’s recognition of our strategy, our reception by consumer, and anticipation for more innovation to come.”

“This round of investment emphasizes the food industry’s recognition of our strategy, our reception by consumer, and anticipation for more innovation to come.” – Chris Kerr, CEO and Co-Founder of Gathered Foods

“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. “ Good Catch® stands out as a strong, expandable brand with passionate leadership, and we’re excited to partner to grow”.

“On the heels of widespread adoption of plant-based meat and increasing consumer concern about the environmental impacts of food production, the market is ripe for Good Catch’s next-generation plant-based seafood,” said Caroline Bushnell from the Good Food Institute, “Plant-based seafood provides a host of environmental benefits, including alleviating pressures on rapidly depleting fisheries, providing relief to fragile ocean ecosystems, reducing the impact of fishing nets on the ocean plastic problem, and reducing production-related GHG emissions.”

Wondering what this vegan seafood is made of? It’s a proprietary six-legume blend (peas, chickpeas, lentils, soy, fava beans, and navy beans). And the fishy flavour? A superior umami taste is created from seaweed and algae extracts. Trust us, it tastes just like the real deal. As an added bonus, all Good Catch ® products are free of dairy, GMOs, mercury, toxins, microplastics, microfibers and are safe and enjoyable for those with shellfish allergies.

Our own Chad Sarno shares about what it took for Good Catch ® to secure $32m of funding.

The impact opportunity is what was the most attractive at the start of this project. We looked at the species that needed the most attention to start and it was finned fish, tuna being the most consumed globally. Fueled by our passion to disrupt the seafood industry, coupled with the fact that by understanding there is a white space within seafood replacement options, we were able to secure the team and attract the initial investors. Our dear friend and other co-founder, Chris Kerr, led the investment rounds focused on impact and strategic investors.

“Fueled by our passion to disrupt the seafood industry, coupled with the fact that by understanding there is a white space within seafood replacement options, we were able to secure the team and attract the initial investors.” – Chad Sarno

What does this expansion mean for Good Catch ®?

Our plant to be up and running. This is everything. Once our facility is online (late spring 2020) we know we will be able to meet the demand, including our global reach. Stay tuned for some very exciting news of this expansion in the coming weeks.

With our wider mission in mind, what does this mean for our oceans?

It’s big. According to the United Nations, nearly 90% of the world’s marine fish stocks are now fully exploited, overexploited or depleted, with fisheries subsidies playing an integral part. Keeping startling statistics such as this in mind, Good Catch ® believes that the only truly sustainable seafood is one that allows fish to remain in the ocean, undisturbed. It is time that the seafood industry has some serious disruption, Good Catch ® can take some part in this. Seafood is consumed globally and found within a myriad of culinary applications. From an environmental standpoint, we’re hopeful that by creating delicious seafood alternatives, we’ll be able to make a real environmental impact.

“Good Catch® believes that the only truly sustainable seafood is one that allows fish to remain in the ocean, undisturbed.”

How do you see the vegan movement benefitting from this nature of investment?

It goes far beyond the vegan movement. We’ll see more and more investment of this nature in the future for brands who are creating something that disrupts the current food system and mindset that animals and animal-based products need to be used for food.

To view the press release head here: Yahoo Finance.