Aqua Cultured Foods Raises $5.5 Million To Bring Its Ultra-Realistic Plant-Based Seafood To Market
The brand’s animal-free seafood offers a solution to a global fishing industry that’s responsible for depleted fish populations, damage to ecosystems, and the “bycatch” of non-target species.
Credit: Aqua Cultured Foods
Food tech startup Aqua Cultured Foods announced this week that it has raised $5.5 million in seed funding to bring its ultra-realistic seafood alternatives to market.
The Chicago-based, alt-seafood startup uses fermentation technology to produce fungi-based mycoprotein in a process similar to how beer is created. This method delivers whole-muscle cut, sushi-quality seafood alternatives with a realistic appearance, taste, and texture, all while removing the need to slaughter animals.
But this technology also has a key benefit in cost, too: the fermentation methods use relatively affordable inputs and equipment, which makes Aqua well positioned to scale up production and put its products on price parity with traditional seafood.
Credit: Aqua Cultured Foods
The funding round was led by Stray Dog Capital, a venture capital fund specializing in alternative protein investments.
“We are interested in backing founding teams leveraging unique technologies and approaches that drive a more sustainable future; the work Aqua is doing with alt-seafood has immense potential to drive both human and planetary benefits in a massive $100B+ global market,” said Johnny Ream, Partner at Stray Dog Capital.
Aqua will use the investment to equip its new facility, scale up production, bring products to market, add key talent, and expand its roster of restaurant and foodservice outlets for product introductions this year.
Transforming the Seafood Industry
The global plant-based seafood market was valued at $42.1 million in 2021, and is projected to reach $1.3 billion by 2031 with a CAGR of more than 42 percent as wild fish stocks are further depleted.
Credit: Aqua Cultured Foods
Reducing the seafood industry’s reliance on farming fish from the ocean and on fish farms is good news for both animals and the planet. In addition to depleted fish populations, current commercial fishing practices result in damage to ecosystems, plastic waste, and “bycatch” of non-target species. And as traditional fish farming increases, so does habitat destruction, pollution and diseases spread to wild fish, as well as the industry’s use of antibiotics and wild-caught fish for feed.
Plant-based fish can also carry health benefits over traditional fish, too. Aqua explains that despite its health halo, traditional fish contains microplastics, mercury, pesticides, antibiotics, dioxin and PCBs. Seafood, in particular finfish, is also a good source of foodborne illness caused by bacteria, viruses and parasites.
Aqua is developing calamari, shrimp, scallops, and fillets of tuna and whitefish with proprietary mycoprotein fermentation processes that do not use any animal inputs, genetic altering or modification. The company also produces minced “seafood” fillings for applications such as dumplings, ravioli, and sushi rolls.
On April 18, join us for a free virtual panel discussion on the future of meat and seafood, featuring Aqua Cultured Foods’ CEO and Co-founder, Anne Palermo. Hosted by Species Unite Executive Director Elizabeth Novogratz, the panel will bring together leaders from across the alternative protein industries, as they discuss the road to replacing animals from our food system.
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