New Wave Foods

The company's flagship product, New Wave Shrimp, was engineered to be a plant-based substitute that mimics the taste and texture of ocean-harvested shrimp. Formulated from ingredients like seaweed, mung bean protein, and other plant proteins, the product was designed to be a one-for-one replacement in any hot dish calling for shrimp. A key selling point was its health and dietary profile; the plant-based shrimp had zero cholesterol and was free from common allergens such as shellfish and soy, as well as being gluten-free and kosher-certified. The product was sold frozen and pre-cooked, offering convenience and versatility for various cooking methods including frying, sautéing, and grilling.

New Wave Foods operated on a business-to-business model, primarily targeting the foodservice industry, where approximately 80% of shrimp in the U.S. is consumed. The strategy involved launching first in restaurants and other foodservice locations before aiming for a direct-to-consumer presence. To facilitate this, the company established distribution agreements with major foodservice distributors like Dot Foods and Gordon Food Service, making their product accessible to a wide range of operators, from independent restaurants to university dining halls. The business attracted significant investment, including a notable Series A funding round of $18 million in 2021, with backers like New Enterprise Associates and Tyson Ventures, the venture capital arm of Tyson Foods. Despite securing major customers and gaining momentum, the company ceased operations in late 2023 due to industry-wide challenges and entered into a process for the benefit of creditors as an alternative to formal bankruptcy.