Gathered Foods, makers of Good Catch plant-based seafood, announced the company has secured $26.35 million in a B-2 bridge funding round with investments from Louis Dreyfus Company (LDC), Unovis Asset Management, Big Idea Ventures, and others. This strategic funding will allow Gathered Foods to further propel Good Catch plant-based seafood to the forefront of the industry, as well as raise awareness for the trajectory of the plant-based industry's market growth and popularity.
This investment comes after last year's successful Series B funding round, in which the company secured $36.8 million. The financing allowed the brand to continue on its successful path towards expansion and production, leading to the opening of its own state-of-the-art plant-based production facility in Heath, Ohio. Gathered Foods will use this new round of funding to ramp up product innovation and dramatically increase the number of Good Catch products on the market. The additional backing will also aid Gathered Foods to extend its international retail footprint, beginning in Europe, with further expansion planned for later in 2021.
"We are excited to have this important investment by LDC, a well-respected leader in the agricultural, food and ingredients space, to help fuel growth and expansion of our Company," said Christine Mei, CEO of Gathered Foods. "Partnering with proven companies who are innovators in their own right can only sharpen our ability to positively disrupt a nascent industry with our innovative portfolio of Good Catch products. As demand for plant-based seafood continues to rise, we look forward to further collaboration with LDC to create breakthrough opportunities."
As the plant-based market continues to grow, with consumer interest at an all-time high, Gathered Foods has a wide impact and innovation opportunity to bring new products to the U.S. market and across the globe. The company's Good Catch products are currently available across the U.S., in the U.K. through a partnership with Tesco, in Canada through partnerships with Loblaws and Sobeys, and in Europe throughout retailers in the Netherlands and Spain. Gathered Foods is also working with key European distributors to bring its Good Catch products to more consumers globally, through strategic retail and foodservice partnerships.
"This round of investment signifies a milestone for both Gathered Foods and the plant-based industry as a whole," said Chris Kerr, Co-Founder and Executive Chairman of Gathered Foods. "LDC's investment in Gathered Foods is a perfect complement to its plant-based food strategy and creates opportunities for collaboration between both companies. LDC's global reach, supply chain management, R&D capabilities and procurement expertise will be key to Gathered Foods' ability to broaden its global footprint and bring new building blocks to our expanding portfolio of offerings. We are very grateful for the trust and support from LDC."
Last year was successful for the plant-based seafood company. In addition to the opening of its state-of-the-art facility and vast retail expansion, Gathered Foods announced a distribution partnership with Bumble Bee Foods, which allowed Good Catch plant-based seafood products to be available to consumers on a larger scale through new distribution channels. Good Catch also launched its line of frozen appetizers and entrees, which was met with great consumer feedback and retail demand. Additionally, the company announced new backing from celebrities Woody Harrelson, Shailene Woodley, Paris Hilton and Lance Bass, which indicated the overwhelming belief in the future of plant-based seafood and has helped to create more consumer awareness around the products.
About Gathered Foods
Gathered Foods, makers of Good Catch plant-based seafood, is an innovative food company focused on propelling change through plant-based alternatives. United by a love of good food, plant-based eating, and animal welfare, Gathered Foods is on a mission to raise consciousness, reduce harm, and preserve environmental resources, all while delivering a great culinary experience. The team is dedicated to creating plant-based foods for everyone, from vegan to omnivore and everybody in between.
About Good Catch
Good Catch is a chef-driven brand developing flavorful, plant-based seafood alternatives. Founded by pioneering chefs Derek and Chad Sarno, Good Catch products offer the taste, texture and eating experience of seafood without harming the environment. Good Catch products include single-serve, ready-to-eat pouches of Plant-Based Tuna and frozen Plant-Based Fish Burgers, Plant-Based Crab Cakes and Plant-Based Fish Cakes available in retailers across the East Coast, with wider distribution planned.
About Louis Dreyfus Company (LDC)
LDC is a leading merchant and processor of agricultural goods. The company leverages its global reach and extensive asset network to serve customers and consumers around the world, delivering the right products to the right location, at the right time - safely, reliably and responsibly. Since 1851, its portfolio has grown to include Grains & Oilseeds, Coffee, Cotton, Juice, Rice, Sugar, Freight and Global Markets. The company helps to feed and clothe some 500 million people every year by originating, processing and transporting approximately 80 million tons of products.