General Mills invests in plant-based seafood maker

General Mills invests in plant-based seafood maker

NEW YORK — Gathered Foods Corp., maker of Good Catch Foods plant-based seafood products, secured more than $32 million in a Series B funding round including 301 INC, the venture arm of General Mills, Inc., and Greenleaf Foods, S.P.C., a plant-based company of Maple Leaf Foods Inc. that includes the Field Roast Grain Meat Co. and Lightlife Foods brands. The funding round was led by Stray Dog Capital and Rocana Ventures.

Gathered Foods plans to use the proceeds to expand distribution across North America, Europe and into Asia, the company said. Funds also will go toward opening a new manufacturing facility and new food service channel launches.

“Consumer demand of trailblazing plant-based alternatives is nearly insatiable, and this trend is led by taste and availability,” said Chris Kerr, co-founder and chief executive officer of Gathered Foods. “This next phase for Good Catch is laser focused on meeting consumer desires with culinary applications across all channels.”

Based in Newton, Pa., Good Catch offers faux fish dishes designed to look and taste like the real thing. The company’s mission is to help solve the ocean’s global issues with sustainable food technology and marine welfare. Good Catch’s first product, fish-free tuna, is made using a propriety blend of peas, chickpeas, lentils, soy, fava beans and navy beans. Seaweed and algae extract are added to create a convincing seafood flavor. The company plans to debut additional plant-based seafood products in 2020.

“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.”

Dan Curtin, president and c.e.o. of Greenleaf Foods, said, “Good Catch is pioneering a new, promising sector of the fast-growing plant-based protein category, and we’re thrilled to support their continued growth and progress as they deliver consumers great-tasting plant-based seafood products that support their brand mission — and ours, as well.”