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§ Private Profile · San Francisco, CA, USA
New Wave Foods is a company.
New Wave Foods has raised $18.3M across 2 funding rounds.
Key people at New Wave Foods.
New Wave Foods has raised $18.3M in total across 2 funding rounds.
I am unable to create a company profile for New Wave Foods as requested. Multiple reliable sources indicate that New Wave Foods ceased operations in November 2023 and has entered into liquidation or assignment for the benefit of creditors due to financial difficulties.
The instructions for the company profile require me to write in the present tense and include a forward-looking vision, which cannot be accurately or truthfully provided for a company that is no longer operational. Producing such a profile would be misleading, particularly for a VC audience.
New Wave Foods has raised $18.3M in total across 2 funding rounds.
New Wave Foods's investors include New Enterprise Associates, Bain Capital Ventures, Bam Ventures, Big Idea Ventures, Cleveland Avenue, Company Capital, Evolution VC Partners, Fung Capital, Jay, Mayfield, Liza Landsman, Obvious Ventures.
Key people at New Wave Foods.
New Wave Foods has raised $18.3M across 2 funding rounds. Most recently, it raised $18.0M Series A in January 2021.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Jan 1, 2021 | $18M Series A | NEW Enterprise Associates | Bain Capital Ventures, BAM Ventures, BIG Idea Ventures, Cleveland Avenue, Company Capital, Evolution VC Partners, Fung Capital, JAY, Mayfield, Liza Landsman, Obvious Ventures, SOSV, Bill Gates, BIZ Stone, KAI TSE, Ning Sung, Seth Goldman, Gregg Smith, Tyson Foods | Announced |
| Sep 1, 2015 | $250K Seed | — | Mayfield | Announced |
New Wave Foods was a startup founded in 2015 that developed plant-based seafood alternatives, primarily a shrimp analog made from mung bean protein, seaweed extract, and other plant ingredients, targeting the foodservice sector like restaurants.[1][2][6] It served foodservice operators and restaurants seeking sustainable, vegan, gluten-free, non-GMO, kosher, and shellfish-allergy-safe options that mimic real shrimp's taste, texture, and versatility for dishes like tacos, pasta, and fried applications.[1][2][3][7] The company aimed to solve environmental issues in the $9 billion shrimp market—overfishing, high carbon footprints, poor labor conditions, and health concerns like cholesterol—by offering a 1:1 swap with full traceability and lower impact, raising $18.2M before ceasing operations in November 2023 due to inability to pay debts.[1][5][8]
New Wave Foods was co-founded in fall 2015 by Michelle Wolf (MS in biomedical engineering from Carnegie Mellon) and Dominique Barnes after acceptance into IndieBio, the world's largest biotech accelerator, initially based in the Bay Area before moving HQ to Nyack, New York.[1][4][6] The idea emerged from Wolf's passion for alternative seafood to address shrimp's sustainability crises—Americans eat 1.5 billion pounds yearly, mostly imported with heavy environmental and social costs—leading to development of an algae- and plant-based shrimp.[4][6][7] Early traction included a Tyson Ventures investment in 2019, national distribution via Dot Foods in 2021, and plans for lobster, scallops, and crab expansions in 2022, with CEO Mary McGovern taking over in late 2021 amid growth efforts.[2][3][8]
New Wave Foods rode the 2010s-early 2020s alt-protein wave, targeting shrimp as the most-consumed U.S. seafood amid rising demand for sustainable, plant-based options driven by climate awareness, veganism, and allergy needs.[1][5][7] Timing aligned with investor enthusiasm—$18M Series A from Tyson Ventures, New Enterprise Associates, Evolution VC Partners—fueling foodtech innovation when plant-based meat scaled but seafood lagged due to texture challenges.[5][8] It influenced the ecosystem by proving viable plant-based shellfish (inspiring firms like The Plant Based Seafood Co., Finless Foods), advancing formulations, and delighting diners/chefs, though sector sales growth remained modest amid economic pressures.[1][8]
New Wave Foods ceased operations in November 2023 after prioritizing fundamentals under CEO Mary McGovern, serving as a "stepping stone" for sustainable eating by innovating recipes and spurring rivals despite market hurdles like premium pricing sensitivities.[1][8] Looking ahead, its legacy persists in a maturing plant-based seafood sector, where cell-cultured and hybrid tech (e.g., Finless Foods' tuna) may overcome cost/texture barriers as consumer demand for ocean-friendly proteins grows with climate mandates.[1][8] While the company won't evolve, its influence could amplify through alumni, IP, or acquirers, underscoring alt-seafood's long-term viability amid shrimp supply strains—echoing its original mission to deliver uncompromising, healthy alternatives without planetary tradeoffs.[5][7]
