Konscious Foods, a newly-launched alt-seafood business in Canada, has secured C$26m ($19.5m) in seed funding to drive distribution growth.
The Vancouver-based company was founded this year by chef and entrepreneur Yves Potvin, renowned for his success with the Gardein meat-free brand. Gardein was acquired by Pinnacle Foods in 2014, which later got acquired by Conagra Brands in 2018.
Potvin is also the creator of Yves Veggie Cuisine, which Hain Celestial purchased in 2001.
Konscious Foods specializes in producing frozen plant-based seafood for retail and foodservice channels, offering a range of options such as sushi rolls, Japanese-style onigiri stuffed rice snacks, and poke bowls.
“This investment validates our excitement about the demand – and critical need – for seafood made from plants,” stated Potvin. “With the rising demand for fish and the overfishing crisis, we believe it is essential to provide seafood options that are healthier for both individuals and the planet, without compromising taste or texture.”
The funding will be utilized to expand distribution in the US and Canada, support marketing campaigns, and enhance operations at the company’s manufacturing facility in Vancouver. Konscious Foods has already secured listings in Whole Foods Market stores.
The funding came from various investors, including not-for-profit plant-based organization Protein Industries Canada, Zynik Capital, the Walter Group investment company, and undisclosed investors.
Pierre Somers, chairman and CEO of the Walter Group, commented, “The products offered by Konscious Foods represent a significant shift in the plant-based food industry, demonstrating that meat-alternatives can be natural, minimally processed, and competitively priced.”
Aqua Cultured Foods in Chicago, another alternative-seafood business, shares similar credentials. They are currently producing fish, shrimp, and scallops through a microbial fermentation process but have yet to launch commercially.
Speaking last month, Aqua Cultured Foods’ co-founder and CEO Anne Palermo emphasized that their seafood alternatives are clean label, better-for-you products that prioritize consumer desires for minimally processed foods.