301 INC, the venture arm of Minneapolis food giant General Mills, has invested in Gathered Foods, the makers of a line of plant-based seafood products named Good Catch.
New York-based Good Catch raised $32 million in an oversubscribed Series B funding round, which also included investment from another industry investor, Greenleaf Foods. The Elmhurst, Ill.-based venture firm backs plant-based protein brands like Lightlife Foods and Field Roast Grain Meat Co.
Good Catch's round was led by Stray Dog Capital and Rocana Ventures, and also included investment from Almanac Investments, CPT Capital and New Crop Capital.
Founded in 2015, Minneapolis-based 301 INC collaborates with and invests in emerging food brands. In addition to Good Catch, it has also backed No Cow, Beyond Meat and Kite Hill, two other food brands producing plant-based products.
"When we met the Good Catch team, we were immediately captivated with their mission to develop more sustainable plant-based seafood products that taste as delicious as traditional seafood," John Haugen, managing director of 301 INC, said in a statement. "Good Catch stands out as a strong, expandable brand with passionate leadership, and we're excited to partner to grow."
The food-tech company said that it will use the capital for "significant expansion and distribution across North America, Europe and into Asia." Good Catch also plans to open a new manufacturing facility and debut product and foodservice channels in the coming year.
Good Catch's fish-free fish are made up of a blend of peas, chickpeas, lentils and other legumes and also contains seaweed and algae extracts. The company says that its products are free of dairy, GMOs, mercury, toxins, microplastics and are safe to enjoy for those with shellfish allergies. Good Catch also claims that its products have the same texture, flavor and nutritional value as conventional seafood.
A report from PitchBook published late last year said that innovative food companies will continue to grow in popularity in the coming years. Alternative protein and dairy companies made up 13% of foodtech investment last year, the third-highest source of investment behind e-commerce and meal kits and delivery.
"Looking ahead, we expect that health, environmental and animal welfare concerns will continue to disrupt the supply chain, creating new farming and food paradigms," PitchBook said.
