Thus far, the plant-based revolution has been centered in the dairy and meat aisle. Seafood is the next wave. Gathered Foods, known for its Good Catch plant-based seafood products, announced yesterday that it closed a $10 million convertible note round. Co-led by New Crop Capital and Stray Dog Capital, the net proceeds will be used for scaling production and general working capital purposes.
The round was fully subscribed by its existing mission-aligned investors. Due to the pro-rata rights of the existing investors, Gathered Foods was unable to allow new investors into the round. Meaning, too many of the existing investors wanted in. Since this was a convertible note, one can expect another significant raise soon (Series B). The company has raised $9.2 million in previous rounds, most of which came from their Series A, led by CPT Capital.
In talking with Chris Kerr, Co-Founder and CEO of Gathered Foods, they chose the convertible note to close the round quickly and build a bridge to the next round. “We’re grateful to have partners in the plant-based foods sector who operate from a place of such confidence in our mission,” said Kerr, “and we’re incredibly confident about the future of plant-based protein.”
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