SAN FRANCISCO — Current Foods, dubbed the “Beyond Meat of seafood,” has raised $18 million in a seed funding round to support expansion of its sushi-grade, plant-based alternatives.
Founded in 2019, Current Foods uses ingredients such as algae, radish, potato and bamboo to replicate the taste, texture and nutrition of fish. Products include tuna-style cubes and files that are rich in omega-3 fatty acids, iron and vitamin B12, free of the top eight allergens and made with no artificial colors or flavors. Following a soft launch last year, Current Foods is rolling out nationwide in restaurants, retailers and online.
The products were named by Time magazine as one of 2021’s best inventions and by Fast Company as a “world changing idea” of 2022.
“We have always said that Current Foods is bringing the catch of tomorrow to the current,” said Jacek Prus, chief executive officer and co-founder of Current Foods. “With this round, we’ll be able to do so faster and more universally. Consumers are ready for more seafood options and our ocean’s health can’t wait.”
The round was co-led by Ray Lane, managing partner at Greatpoint Ventures, and Union Grove, both early investors in Beyond Meat.
“With the earth’s growing population eating the foods we love, we are paying the ultimate price… global warming, eroding health, and dwindling protein sources,” Mr. Lane said. “At GPV, we feel we have invested in the Beyond Meat of seafood, extending the runway of wild tuna, salmon and other predator ocean species for their critical supply of protein to humans and non-humans.”
Additional investors include Electric Feel Ventures, Astanor Ventures and Tenacity. Additionally, Current Foods secured a cosign from professional basketball player Chris Paul. Funding will support accelerated distribution and product launches in the United States and internationally.
“Astanor backs only impact-driven entrepreneurs whose products can deliver on taste and texture while providing a real solution for current environmental and health crises — with a high-quality, nutritious product at an affordable price point,” said Eric Archambeau, partner at Astanor Ventures. “Across all these factors, Current Foods salmon and tuna are clearly head and fins above other products in their category. We are very impressed with the rapid progress Jacek, Sonia and the team have made in the past two years and could not be more excited to support them in this next chapter of development.”