Canadian plant-based seafood maker raises $26 million

A Canadian company that makes plant-based seafood has raised $26 million in a seed funding round.

Konscious Foods 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 offers a range of plant-based frozen seafood products, including sushi rolls, onigiri stuffed rice snacks and plant-based tuna and salmon poke bowls, that 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 founder and president Yves Potvin.

“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.”

'True alternatives'

Funders include Protein Industries Canada, an industry-led, not-for-profit organisation created to position Canada as a global source of high-quality plant protein and plant-based co-products. Global investment company Zynik Capital, and Quebec-headquartered investor Walter Group, are among other participants in the funding round.

“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, vhairman 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 exceutive 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.”