Tyson-backed US plant-based firm New Wave Foods has completed an $18 million (€14.7 million) Series A financing round that the company says with help it deliver more plant-based shrimp and sustainable shellfish options to consumers.

Leading the investment round was New Enterprise Associates, along with Evolution VC Partners, as well as other new and existing investors.

Tyson Ventures, the venture capital arm of major meat producer Tyson Foods invested in New Wave Foods in September 2019.

The algae-based product captured the attention of US-based agricultural giant Tyson Foods, which backed the group as part of its Tyson Ventures division, which aims to start companies looking to disrupt the food supply chain.

The company will initially focus on selling its product to restaurants and foodservice locations, it said.

Liza Landsman, a general partner at NEA, will join the New Wave Foods board of directors.

The Series A financing enables New Wave Foods to scale up production, aggressively expand its sales and marketing efforts, accelerate the company’s plans for future products and further build its team.

The company said it aims to expand its plant-based shellfish offering to lobster, scallops, and crab following the rollout of its plant-based shrimp product.