OurCrowd has been an active Foodtech investor for years now. Before Beyond Meat went public, OurCrowd was serving the plant-based meat alternative at its annual global investor event. Of course, Beyond Meat eventually IPOed on the Nasdaq providing an exit for early investors.
Currently, OurCrowd is raising capital for another Foodtech firm with a securities offering for Foresea – pitched as the “future of seafood.”
Foresea is a “cell-based seafood company specializing in shellfish”. The first product will be cultivated scallops.
According to the offering page:
“With the global demand for high quality protein rapidly increasing, current means of production are peaking, affecting the economy, public health, climate, and food security. Foresea brings to the table a new way to produce nutritious, delicious and sustainable seafood for everyone. Foresea’s experienced team of scientists will initially produce cell-based whole scallops – a premium and highly nutritious product – positioning itself as a category leader and giving the company valuable business and manufacturing competitive advantages. Scallops are more uniform in composition compared with other whole cuts, making it easier to replicate their texture and appearance than other products. This will encourage easier consumer adoption and a shorter time to market. Scallops are also a premium and highly nutritious product with a high price point and an $8B market. Going forward, the company plans to diversify its product line.”
Two of the founders previously worked for SuperMeat, another cultured meat firm that is starting with Chicken. Much of the emphasis on the product focuses on building a sustainable production process that provides a competitive product at a lower price point. It will be interesting to see which seafood product follows cultivated scallops.
The company’s website states that its scallops are “coming soon” without providing a specific timeframe but according to a provided deck production is about 26 months out.
Foresea is not alone in pursuing plant-based or “cultivated” seafood but the market is sufficiently large and demand has proven a willing public to consume natural meat alternatives. If you are interested, deal terms are available for registered OurCrowd investors.
(Editors note: a previous version of this article referenced a similarly named firm “Forsea”. We apologize for any confusion)
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