AUSTIN, TEXAS — Gathered Foods, maker of Good Catch plant-based seafood products, raised $26.35 million in a B-2 bridge funding round with investments from Louis Dreyfus Co., Unovis Asset Management and Big Idea Ventures.
The company will use the funding to ramp up product innovation and increase the number of Good Catch products on the market. It also plans to expand its international retail footprint, beginning in Europe, with further expansion planned for later in 2021.
“We are excited to have this important investment by Louis Dreyfus Co., a well-respected leader in the agricultural, food and ingredients space, to help fuel growth and expansion of our company,” said Christine Mei, chief executive officer 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.”
Louis Dreyfus Co.’s investment in Gathered Foods will create opportunities for collaboration between both companies, said Chris Kerr, co-founder and executive chairman of Gathered Foods.
“Louis Dreyfus Co.’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,” Mr. Kerr said.
The investment comes on the heels of last year’s $36.8 million Series B round, which allowed the brand to open its plant-based production facility in Heath, Ohio. Last year also saw Good Catch launch a line of frozen appetizers and entrees and enter into a distribution agreement with Bumble Bee Foods.
The brand offers fish-free tuna formulated with a blend of peas, beans and lentils and algal oil, a plant source of omega-3 fatty acids. Other products include plant-based alternatives to fish burgers and cakes and crab cakes. The products currently are available across the United States, in the United Kingdom through a partnership with Tesco, in Canada through a partnership with Loblaws and Sobeys, and in Europe throughout retailers in The Netherlands and Spain.
“Gathered Foods combines leading edge R&D and state-of-the-art manufacturing capabilities and strong management, to deliver delicious plant-based products to a global market,” said Max Clegg, head of LDC Innovations, Louis Dreyfus Co.’s corporate venture capital program. “We are thrilled to partner with the company, as it expands the reach of its Good Catch brand and attracts new customers to this fast-growing sector.”