Chicago, Illinois, U.S.A.–based seafood analog company Aqua Culture Foods announced it has closed an oversubscribed pre-seed funding round of USD 2.1 million (EUR 1.8 million).
The company produces seafood alternatives using microbial fermentation methods, with the company currently conducting research and development necessary to achieve different textures, shapes, nutritional values, and flavorings. The company plans to commercialize its products as analogs for whole-muscle cut filets of tuna, whitefish, popcorn shrimp, calamari, and scallops.
“Interest at this stage has frankly exceeded our capacity to bring in partners, leading to an oversubscribed round, but it’s left us in a good position for future investment and very optimistic about our approach to delivering more-sustainable protein,” Aqua Culture Foods CEO Anne Palermo said.
Investors in the funding round include Supply Change Capital Aera VC, Sustainable Food Ventures, Hanfield Venture Partners, Lifely VC, Conscience VC, Kingfisher Capital, Big Idea Ventures, and Swiss Pampa CEO Gonzalo Ramirez Martiarena, the company said.
“Our next step is to work on commercializing our products from lab-scale to bring to the foodservice and retail channels, including the fresh refrigerated set for grocery, so that our products can reach both restaurant tables and the seafood counter,” Palermo said.
Along with the funding round, the company announced that it has expanded its core team with the appointment of Bob Schultz as its lead scientist. Schultz was the lead food engineer and product lead for the Nuggs plant-based chicken nugget – one of the fastest growing products of its kind – and joins the company from Simulate, a biotechnology company.
The company also announced that Johnny Carino, who developed Carino’s Italian Restaurants – a chain that once featured over 170 locations – as joined Aqua Culture Foods as the head of culinary innovation.
The oversubscribed funding round continues a trend of plant-based analog businesses garnering significant investments in 2021. As of September, the Good Food Institute estimated that USD 116 million (EUR 99 million) in invested capital in the first half of the year.
Aqua Culture Foods said it is “currently building its infrastructure” and plans to scale its production to release commercial products in 2022.
Photo courtesy of Aqua Cultured Foods
