Konscious Foods, a recently established alternative seafood venture in Canada, has successfully secured C$26 million ($19.5 million) in seed funding to accelerate the expansion of its distribution network.
Founded in Vancouver this year, Konscious Foods is the brainchild of Chef and Entrepreneur Yves Potvin, renowned for his Gardein meat-free brand. In 2014, Potvin sold Gardein to Pinnacle Foods, which, in turn, was acquired by another major US food industry player, Conagra Brands, in 2018.
Additionally, Yves Potvin established Yves Veggie Cuisine, which was acquired by the prominent US food company, Hain Celestial, in 2001.
Konscious Foods specializes in crafting frozen plant-based seafood tailored for both retail and foodservice channels. Their product range includes delectable offerings such as sushi rolls, Japanese-style onigiri stuffed rice snacks, and poke bowls—a popular raw fish-inspired dish.
“This investment validates our excitement about the demand – and critical need – for seafood made from plants,” Potvin said in a statement. “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.”
Potvin stated that the raised funds will be allocated towards extending distribution networks in both the US and Canada, supporting marketing initiatives, and enhancing operations at their Vancouver-based manufacturing facility. Notably, Konscious Foods has already successfully secured listings in various Whole Foods Market stores.
The funding for Konscious Foods was contributed by various investors, including Protein Industries Canada, a not-for-profit organization focused on plant-based initiatives, along with Zynik Capital and the Walter Group investment company. Additionally, there were other undisclosed investors who participated in the funding round.
Pierre Somers, the chairman and CEO of the 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.”
Those credentials are shared by another alternative-seafood business, Aqua Cultured Foods in Chicago. The company is producing fish, shrimp and scallops through a microbial fermentation process but has yet to launch commercially.
According to Anne Palermo, the Co-Founder and CEO of Aqua Cultured Foods, their seafood alternatives are characterized as “clean label” and “better-for-you” products, boasting a minimal ingredient list that resonates with consumers who are increasingly wary of highly processed foods.