New Wave Foods is a food startup working on sustainable seafood created from plant based components. Their first and only currently available product is lab created shrimp made from algae and other vegetables. Currently their shrimp alternative is available through 20+ restaurants and food distributors with the company targeting general retail availability within the next couple of years. In developing the product, the team has been able to generate the same nutrition profile, taste and texture as fresh caught from the ocean shrimp. The company is already at work developing fish and shellfish alternatives.
The team is based in San Francisco and currently has 3 full time employees.
Why I like Them
This is an innovative product that fulfills a large unaddressed need in the market. Seafood-like alternatives have been mostly ignored by FoodTech companies to date, many of whom are focused on creating meat and egg alternatives. However, there is obvious interest in these types of products with a growing number of consumers looking for their food to be environmentally sustainable, antibiotic free, allergen free, kosher, vegan, and mercury free. More than 10% of college students today identify as vegan
It was also smart that the team chose their initial distribution channel as restaurants directly since +70% of seafood is eaten out of the home.
Disclosure: I have spoken to members of the executive team.