Gathered Meals nets $26.35M | Meals Dive

Dive Transient:

  • Gathered Meals, maker of Good Catch plant-based seafood, closed a $26.35 million B-2 bridge funding spherical. Traders on this spherical embody world agricultural commodities superpower Louis Dreyfus Firm (LDC), in addition to Unovis Asset Administration and Huge Thought Ventures.
  • The funds might be used to ramp up innovation, enhance the variety of merchandise in the marketplace and assist Good Catch develop internationally. The growth 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 Collection B spherical, which netted traders from Huge Meals — together with Greenleaf Meals and Normal 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.

Dive Perception:

Previously a number of years, Good Catch went from a small-scale startup to a number one participant within the area. The plant-based seafood maker has attracted key partnerships, large funds and revered backers, and cemented its manufacturing capability for the long run with a custom-built manufacturing facility.

This newest funding spherical continues that observe file. LDC is likely one of the world’s leaders in commodities farming, sourcing and buying and selling. This funding may also help Good Catch not solely discover the substances it wants worldwide, nevertheless it additionally supplies 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 capability to positively disrupt a nascent business with our progressive portfolio of Good Catch merchandise,” Gathered Meals CEO Christine Mei mentioned in a press release.

Whereas LDC is energetic within the commodities and substances enterprise, it has not been a big funder of different meals firms. Based on Crunchbase, its solely earlier funding was in high-tech substances firm Benson Hill. Gathered Meals co-founder and Govt Chairman Chris Kerr mentioned in a press release this funding is a milestone for the plant-based business 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 via 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 liable for all customers who had been capable of finding Good Catch merchandise of their native supermarkets — and particularly within the canned seafood aisle.

Different key partnerships via funding final yr embody Greenleaf Meals, which is the guardian firm of plant-based meat model Lightlife, and Normal 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 Basic Plant-Based mostly Fish Burgers. These merchandise should not breaded, which Kerr mentioned on the time was a solution to put their high quality up entrance; breading is an effective solution to cover flaws. With proof of idea for plant-based fish and crab already in the marketplace, maybe battered plant-based fish sticks could possibly be subsequent. The corporate may be fascinated with taking over different types of seafood, together with salmon or shrimp.

New merchandise may be custom-developed for eating places as nicely. The partnership with Bumble Bee offers Good Catch entry to Anova Meals, a provider owned by the tuna big 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 look ahead to consuming out, extra plant-based seafood choices on menus can be nicely timed.

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