A Canadian company that makes plant-based seafood has raised $26 million in a seed funding round led by Protein Industries Canada, Zynik Capital, and Walter Group.
Konscious Foods, founded by food industry veteran Yves Potvin, offers a range of plant-based frozen seafood products, such as sushi rolls, onigiri, and poke bowls, that aim to replicate the taste and texture of fish without harming the oceans.
The company officially opened a 34,000 square foot production facility in Richmond, Metro Vancouver, last week, and will use the money to grow its retail and food service businesses, support production operations, and deploy marketing initiatives for nationwide retail launches.
The company’s products are now available at retailers across the United States and Canada, including all Whole Foods Market locations. Konscious Foods expects its products will be available in more than 4,500 stores by the end of the year.
“This investment validates our excitement about the demand – and critical need – for seafood made from plants,” said Potvin, who is also the president of the company. “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.”
The investors praised Konscious Foods for its innovation and vision in the plant-based food space.
“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. “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.”
Pierre Somers, chairman and chief executive of Walter Group, said: “The products offered by Konscious Foods represent a significant shift in the plant-based food space. It proves that meat-alternatives do not need to be highly processed, filled with unnatural ingredients or cost more than the incumbent products. We believe the company will transform plant-based food and the seafood industry.”