Generation Food Platform Joins in Series A Financing of New Wave Foods

2021-01-14

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NEW YORK, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Big Idea Ventures LLC, the global leader in early stage protein investing, has completed an investment in Stamford, Connecticut-based New Wave Foods®, a plant-based shellfish company. The company is offering a plant-based shrimp ready for restaurants and foodservice operators in 2021. This investment was made in partnership with Zandbergen World’s Finest Meat and is part of New Wave Foods’ Series A round of $18 million that was headed by NEA, one of the leading global venture capital firms. This marks the first investment by Big Idea Ventures for its Generation Food platform, a later-stage platform for companies delivering real solutions to plastic pollution, food waste, CO2 emissions and water usage. “We are thrilled to invest in and partner with the New Wave Foods team,” said Tom Mastrobuoni, Chief Investment Officer of Big Idea Ventures. “This round of capital will propel New Wave Foods into their next stage of growth and make a significant impact in the alternative protein market.” New Wave Shrimp was created through close collaboration with top-tier chefs and renowned R&D experts. It is virtually indistinguishable from ocean shrimp in terms of taste and texture, and delivers great versatility for a wide range of shrimp dishes. “We are set to disrupt the $9 billion shrimp industry with the introduction of a healthier, more environmentally friendly and sustainable, plant-based shrimp product,” said Mary McGovern, CEO of New Wave Foods. “Raising $18 million through this Series A enables us to aggressively enter the market, establish New Wave Foods as a brand leader and expand our product offerings.” “We are excited to support New Wave Foods in its growth and look forward to working closely with the management team,” said Adriaan Figee, Chief Commercial Officer for Zandbergen World’s Finest Meat, a leading company in the international protein supply chain, headquartered in the Netherlands. “Plant-based protein products are an expanding part of the Zandbergen growth strategy and our investment in New Wave will expand our portfolio.” Since its foundation Zandbergen has been distributing and producing animal-based proteins, but expanded their assortment with alternative protein solutions in 2018. Recently they’ve also opened a brand-new co-manufacturing plant to produce plant-based products. “Big Idea Ventures is focused on solving the world’s greatest challenges by backing the world’s best entrepreneurs,” said Andrew D. Ive, Founder and Managing General Partner of BIV. “New Wave is positioned to become a world leader in the alternative seafood protein sector delivering great products to consumers in a far more sustainable way.” About Big Idea Ventures Big Idea Ventures LLC (BIV) is a multi-stage venture fund based in New York and Singapore. Founded by Andrew D. Ive, the firm seeks to solve the world’s greatest challenges by backing the world’s best entrepreneurs. BIV’s New Protein Fund I is a seed-stage fund investing in plant-and-cell-based food companies. Generation Food is a later-stage platform that invests in companies delivering real solutions to plastic pollution, food waste, CO2 emissions and water usage. For more information About New Wave Foods® New Wave Foods is a disruptor in the seafood market with its 100 percent plant-based shellfish products. The Company’s mission is to protect the oceans by creating delicious plant-based versions of popular over-fished or ecologically destructive shellfish and by bringing them to consumers through a wide array of foodservice locations. The Company’s first offering, New Wave™ Shrimp, is interchangeable with ocean shrimp in any shrimp recipe and is made from seaweed and plant protein. New Wave Foods will soon share its passion for delicious, sustainable plant-based foods with more food service operators and consumers by broadening its product offering and expanding beyond its current geographic footprint. Visit us at and follow us @newwavefoods. Media Contacts Big Idea Ventures | Worth Sparkman | 479-236-0674 | worth@bigideaventures.com New Wave Foods | Lori Robinson | 917-242-8261 | LRobinson@mww.com

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