Aqua Cultured Foods – a food tech startup based in Chicago, Ill. – announced that it has raised $5.5 million to soon bring “ultra-realistic” seafood alternatives such as vegan shrimp to market.
In an April 6 press release, the company said it plans to “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.”
Although fish has health benefits, such as promoting brain health, it can also contain microplastics, mercury, pesticides, antibiotics, dioxin and PCBs, Aqua said. According to the company, some fish can also be a source of foodborne illness and wild fish stocks are being depleted.
“As fish farming increases, so does habitat destruction, pollution and diseases spread to wild fish, and the industry’s reliance on antibiotics and wild-caught fish for feed,” said its press release.
So, it is developing products that mimic types of seafood “with proprietary mycoprotein fermentation processes that do not use any animal inputs, genetic altering or modification,” it said. Vegan Aqua offerings are expected to include calamari, scallops, filets of tuna and whitefish in addition to shrimp.
There are already vegan versions of shrimp on the market, including BeLeaf’s vegan shrimp, but Aqua said its products will stand out.
“Unlike plant-based processed foods formulated with starches and protein isolates, Aqua’s alt-seafood retains its naturally occurring fiber, protein, and other micronutrients,” the company explained. “The company also produces minced ‘seafood’ fillings for applications such as dumplings, ravioli, and sushi rolls.”
As of 2021, the global plant-based seafood market was valued at $42.1 million, said Aqua, and it is projected to be valued at over a billion by 2031.
Funding to expand Aqua’s place in the market was provided by several investors, including Stray Dog Capital, a venture capital fund specializing in alternative protein investments.
“We appreciate having mission-aligned partners that offer strong strategic value for the next phase of our growth, which will involve building up the business and brand,” said Anne Palermo, CEO of Aqua. “Being good stewards of investor capital is important to us, so along with hitting milestones earlier than expected, we are benefiting from government programs, academic resources, and other advantages to get to market quickly.”
Previously, Aqua was accepted into the Illinois Office of Business Development’s EDGE tax incentive program.
Last month, it held tasting events for its products in Chicago and San Francisco, Calif.
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