Alt-Seafood Maker Current Foods Raises $18 Million
After debuting its flagship, sushi-grade plant-based tuna products earlier this year, alt-seafood maker Current Foods is set to accelerate distribution efforts and expand its product range after closing an $18 million seed funding round.
The round, announced yesterday, was co-led by Ray Lane, Managing Partner at Greatpoint Ventures and Union Grove, with additional participation from Electric Feel Ventures, NBA player Chris Paul, Astanor Ventures, and Tenacity, among a range of other “Silicon Valley’s alt-meat early movers and cultural tastemakers, spanning sports and music,” according to a press release.
“We have always said that Current Foods is bringing the catch of tomorrow to the current,” said Jacek Prus, CEO and Co-founder of Current Foods, in a press release. “With this round, we’ll be able to do so faster and more universally. Consumers are ready for more seafood options and our ocean’s health can’t wait.”
According to the release, the “red thread” connecting each of the investors to Current Foods is the company’s goal to redefine the seafood industry with more sustainable and environmentally friendly sourcing practices.
“With the earth’s growing population eating the foods we love, we are paying the ultimate price… global warming, eroding health, and dwindling protein sources,” said Lane in the release. “At [Greatpoint Ventures], we feel we have invested in the Beyond Meat of seafood, extending the runway of wild tuna, salmon and other predator ocean species for their critical supply of protein to humans and non-humans.”
The company, which markets itself as the “Beyond Meat of seafood,” currently produces two ready-to-eat, or heat, alt-tuna products available in cube and filet formats. The allergen-friendly tuna is made with ingredients like pea protein, sunflower oil, bamboo fiber, algae oil and vegetable juices, and does not contain any artificial colors or flavors. The products are available online for $40 per 3-pack of cubes or filets or $50 for a 40-count hybrid bundle.
At the Summer Fancy Foods show earlier this month, Current Foods debuted its latest innovation – a sliced “smoked salmon” – stating in a release that the product was specifically developed specifically to help accelerate the brand’s retail distribution.
“Astanor backs only impact-driven entrepreneurs whose products can deliver on taste and texture while providing a real solution for current environmental and health crises – with a high quality, nutritious product at an affordable price point,” said Eric Archambeau, co-founder and partner at Astanor Ventures, in a press release. “Across all these factors, Current Foods salmon and tuna are clearly head and fins above other products in their category. We are very impressed with the rapid progress Jacek, Sonia and the team have made in the past two years and could not be more excited to support them in this next chapter of development.”
Although the alt-seafood industry has not seen as much innovation and interest as alt-meat and dairy, investment in the category is rising. According to the Good Food Institute, alternative seafood companies raised a total of $175 million last year, a 92% increase from 2020. With over 120 companies currently making alternative seafood products globally, GFI said the market was valued at nearly $14 million at the end of 2021.
While Current Foods’ sushi-grade positioning may serve as a point of differentiation, the company still faces competition to establish itself against more mature brands like Good Catch, which has offered a lineup of vegan fish products in retail since 2016. Additionally, innovative newcomers like The Plant Based Seafood Company may also pose a challenge when it comes to winning over consumers as it continues to innovate and scale. The brand recently secured an investment from Top Chef alum and Eat the Change co-founder Spike Mendleson to continue developing its line of vegan-friendly shrimp, scallops, lobster, oysters and crab cakes imitations.
