Global Fresh Foods nets financing
By SeafoodSource staff
Published on 17 April, 2011
Global Fresh Foods of Monterey, Calif., on Friday announced that it secured USD 5.3 million in financing from investors Rabo Ventures and Firelake Capital. Global Fresh Foods will use the funds to launch operations and drive adoption of its SAF-D® controlled-atmosphere system.
SAF-D® (Safe and Fresh Distribution) employs a unique architecture and oxygen-management technology for extending the shelf life of fresh seafood and other proteins. It is the first commercially viable technology to enable the ocean transport of fresh seafood over long distances, according to the company.
“Global Fresh Foods’ technology is a potential game-changer for the global fresh seafood industry,” said Gorjan Nikolik, industry analyst for food and agribusiness research at Rabobank International. “The increasing demand for fresh and high quality seafood has created an ever-growing, multi-billion dollar trade flow of products transported by plane. GFF’s service could potentially reverse this trend providing, fresh seafood without the costly and high carbon footprint of air transport. Moreover, GFF’s solution has the potential to close the cost gap between frozen and fresh seafood.”
“Rabobank’s global footprint and institutional expertise in aquaculture will be of significant value to Global Fresh Foods during this next stage of our company’s development,” said Larry Bell, CEO of Global Fresh Foods. “The addition of Firelake Capital as an investor provides further resources and expertise for commercializing our technology and reinforces the potential of our technology to deliver sustainability in freshness.”
Peter Shannon of Firelake Capital added, “Global Fresh Foods’ solution is a compelling offering that is easily evaluated and adopted by customers, addresses a very large market, and fits seamlessly into existing supply chain infrastructure. It is exciting to invest in such a creative and experienced team to go forward and grow this business.”
Adam Anders of Rabo Ventures and Peter Shannon of Firelake Capital will join Global Fresh Foods’ board of directors.