Plant-based seafood startup Aqua Cultured Foods said it has raised $5.5 million (€5 million) in seed funding.
The company is developing vegan versions of calamari, shrimp, scallops, tuna and whitefish fillets. Its trademarked mycoprotein fermentation process is free from animal inputs, genetic modification, starches and protein isolates.
The company plans to use the fresh financing to equip its new facility, scale production, bring products to market, recruit in key areas, and increase the number of restaurant and foodservice outlets where it will trial products this year.
The funding round was led by Stray Dog capital, a venture capital fund specializing in alternative protein investments.
Stray Dog was joined by H Venture Partners, Aztec Capital Management and Amplifica Capital, in addition to further investment from current investors Supply Change Capital, Big Idea Ventures, HPA, Aera VC, Kingfisher Family Investments, and Swiss Pampa.
The round also included a strategic investment from CJ CheilJedang, a South Korea-based global food and bio company that owns well known brands such as Bibigo.
“We appreciate having mission-aligned partners that offer strong strategic value for the next phase of our growth, which will involve building up the business and brand,” Aqua CEO Anne Palermo said.
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