Yves Potvin’s Konscious Foods Closes $26M Seed Round

Plant-based seafood brand Konscious Foods has closed a $26 million funding round backed by Protein Industries Canada, Zynik Capital, Walter Group and more, the company announced today.

Konscious – which produces a line of plant-based seafood products — is the latest venture from French chef Yves Potvin, whose previous brands include Yves Veggie Cuisine and Gardein.

“This investment validates our excitement about the demand – and critical need – for seafood made from plants,” said Potvin in a press release. “With the rising demand for fish, and subsequent overfishing crisis, we feel it is crucial to have better for you, better for the world seafood options that don’t sacrifice taste or texture. The funds will allow us to focus on sales and marketing efforts as we expand distribution across North America and continue our goal of making sustainable, delicious plant-based food widely accessible.”

Made with ingredients like konjac plant, pea fiber, organic red quinoa and Jasberry-branded rice, Konscious’s products include four varieties of sushi rolls retailing at $8.99 per 8-pack, two flavors of poke bowl priced at $8.99, and four types of onigiri stuffed rice snacks at $7.99 per 2-pack. Several of the items are shipped frozen, with retailers either selling them out of the frozen set or slacking them out.

Konscious also plans to target foodservice providers, the company told NOSH at Expo West in March, with bulk offerings of its fish-free fish.

The new funding arrives just over a week after Konscious announced it has expanded its offerings nationwide with all Whole Foods Market stores in the U.S. and Canada. The brand is also available in Sprouts and the company said it expects to be in around 4,500 accounts by the end of the year.

According to the release, Konscious will use the seed funding to focus on its growing retail and foodservice business, including retail marketing campaigns, as well as supporting operations at its Vancouver production plant.

“Konscious Foods has created true alternatives to some of the world’s most important seafood products and without sacrificing quality, which is a feat unmatched by others in the plant-based food space,” said Iqbal Kassam, chairman of Zynik Capital, in the release. “This financing round is also a testament to Yves Potvin’s vision and track record. Yves is a true pioneer in the food industry and we are so proud to partner with him and the other investors.”

Alternative seafood was the second-fastest growing plant-based foods category in 2022, according to a report by the Plant Based Foods Association, increasing its market share by 57%.

Konscious debuted its product portfolio earlier this year at the 2023 Winter Fancy Food Show, but it’s far from the only competitor in the plant-based seafood set. The use of konjac, a root vegetable with a unique texture comparable to seafood and what some say has a slight “fishy taste,” has led to a rise in new innovations in the category including brands like Mind Blown and Boldly Foods. The company also utilizes Merit’s pea and canola proteins and Pacifico Seaweeds’ seaweed ingredients, a press release from 2022 said.

Meanwhile, Wicked Foods acquired “raw” plant-based seafood provider Current Foods earlier this year in a cashless deal. Wicked, which also owns alt-seafood producer Good Catch, plans to further deepen Current’s salmon and tuna offerings in sushi bars and other foodservice establishments.