Aquaculture for all

Plant-based “shrimp” producer to enter liquidation

Shrimp Sustainability Economics +7 more

New Wave Foods - a producer of plant-based alternatives to shrimp - has announced the closure of its operations, as the business enters into assignment - an alternative to bankruptcy.

New Wave Foods produced a range of "shrimp" products from soy and mung bean protein

New Wave Foods, a California-based alternative seafood company, which closed its doors in November last year, has entered into assignment for the benefit of the creditors - an alternative process to bankruptcy wherein a company's assets are liquidated.

This announcement comes after the company, which produced plant-based "shrimp" products, completed a successful series A funding round in 2021, raising $18 million from investors. Despite this apparent initial success, the alternative seafood start-up was “indebted to various creditors and is unable to pay its debts in full,” according to the official assignment document.

“Although we were gaining momentum in 2023 and had secured a major customer for 2024 sales, we couldn’t outrun industry headwinds,” said Michelle Wolf, co-founder and chief executive officer at New Wave Foods, in an interview with AgFunderNews.

“Our focus had been on healthy business fundamentals since I became CEO in late 2021 and I’m proud of what we achieved. I believe New Wave has been one of the stepping stones toward more sustainable eating, whether by delighting diners, inspiring competitors, or advancing plant-based innovation,” she added.

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