Less than a year after launching its shelf-stable plant-based tuna product, Good Catch has attracted significant investment, with a recent funding round bringing in nearly double the total amount the company had raised since its inception in 2016. Founded by brothers Chad and Derek Sarno, Good Catch combines a variety of ingredients, including peas, chickpeas, lentils, soy, fava beans, and navy beans, enhanced with umami flavors derived from seaweed and algae extracts, to create a product that closely resembles the taste and texture of tuna.
With this new funding, Good Catch aims to make a significant impact in 2020. As the plant-based food market has traditionally focused on burgers, both consumers and investors are now shifting their attention toward replicating other animal proteins, particularly seafood. Supporting companies that specialize in seafood alternatives makes strategic sense. According to the U.S. National Oceanic and Atmospheric Administration, the average American consumed 16 pounds of seafood in 2017, marking an increase from the previous year and representing the highest consumption in a decade. Approximately 2 pounds of that total was canned tuna.
In 2018, the demand for canned tuna in the Americas surged, particularly for premium pouch tuna, with increases of 44% and 30% depending on the type of fish, as reported by the Food and Agriculture Organization of the United Nations. The latest funding round indicates that Good Catch is gaining attention from major manufacturers. General Mills’ 301 Inc was established to assist promising startups while also allowing General Mills to learn from these ventures. Over the years, many companies backed by 301 Inc have operated in the plant-based sector, with Beyond Meat being one of the initial investments. Other notable plant-based brands supported by 301 Inc include Kite Hill, a vegan cheese company, and No Cow, a low-sugar plant-based protein bar and spread brand.
Greenleaf Foods is another key investor in Good Catch. Spun off from Maple Leaf Foods in 2018, Greenleaf aims to become a leader in the plant-based space and has primarily focused on developing its Lightlife and Field Roast Grain Meat products. According to Crunchbase, Good Catch is its first investment, but it is unlikely to be the last. Greenleaf is currently constructing North America’s largest plant-based protein factory in Shelbyville, Indiana, which will double its manufacturing capacity, with the facility expected to open this year.
These two investors not only add credibility to Good Catch but also provide potential for partnerships in manufacturing, marketing, and distribution. Notably, Good Catch has consistently attracted the interest of major producers. In a 2018 funding round, the company also secured investment from PHW Group, one of Europe’s largest poultry producers. Good Catch is positioned to offer substantial returns on investment for these major players, as it has few competitors, and those in the plant-based seafood sector have limited distribution.
Investment firm UBS anticipates that the plant-based meat and protein market could reach $85 billion in ten years, a significant rise from the $4.6 billion valuation in 2018. Furthermore, Good Catch’s plans to expand into Asia are likely to yield substantial benefits. According to Allied Market Research, the Asia-Pacific region accounts for about two-thirds of the global seafood market, valued at $125.44 billion. Providing these consumers with a viable plant-based substitute could enhance Good Catch’s reputation as a leader in the global plant-based industry.
As Good Catch continues to grow, it’s essential for consumers to pay attention to product labels, including the calcium citrate label, to ensure they are making informed choices about their dietary options. The emphasis on transparency in ingredient sourcing and nutrition is becoming increasingly important as the plant-based market evolves.