Big Idea Ventures, a US venture-capital firm, has made an undisclosed investment in Bayou Best Foods, a start-up focusing on plant-based shrimp alternatives. This investment comes from the Generation Food Rural Partners Fund (GFRP), marking the eighth investment from the fund. To support the launch of Bayou Best Foods, GFRP has acquired intellectual property from New Wave Foods, a seafood alternatives producer that ceased production in 2023.
Bayou Best Foods CEO Kelli Wilson mentioned that they now have access to New Wave’s “formulations, processing methods, and product specifications.” However, the brand does not have access to any factories or manufacturing equipment. The initial focus for Bayou Best Foods will be on producing plant-based shrimp products for the US market, with an aim to expand to other regions as interest grows and economies of scale are achieved.
The brand anticipates its plant-based shrimp products to be available in the US market by the fourth quarter of the year. A unique blend of konnyaku rice, mung bean protein, and seaweed extract is used to create Bayou Best Foods’ products. The group also plans to explore “adjacent categories” to shrimp in the future.
Emily Linett, Director of Strategic Partnerships at the GFRP Fund, highlighted the alignment of Bayou Best’s products with the growing demand for sustainable protein options and consumer concerns about seafood sustainability. Wilson emphasized the mission of providing a product that can replace shrimp in traditional menus or dishes, catering to consumers with seafood allergies or health concerns. She expressed excitement and honor in leading Bayou Best towards the future of animal-free seafood.
In closing, Wilson mentioned that GFRP’s investment model includes seed and follow-on funding to bring products to market. This investment not only supports launching innovative companies but also aims to create living wage jobs in rural communities. The business aims to contribute to the shift towards sustainable protein options in the food and beverage industry, catering to changing consumer trends and preferences.
