- Fishpeople Seafood closed a $12 million Series B financing round on Tuesday, receiving investments from Advantage Capital Agribusiness Partners, 3x5 Partners, S2G Ventures, Encourage Capital, Blueberry Ventures and Collaborative Fund, according to a company statement.
- The company works with small fishing boats that catch only abundant varieties of fish. The fish is sold in grocery stores, and features a code on each package to learn more about the captain who caught it and where it came from.
- “We are thrilled to have found such a unique group of mission-aligned, respected investors that focus on companies disrupting the food and beverage space with forward-thinking tactics, a focus on product and food system innovations and a strong commitment to sustainability," CEO Ken Plasse said in a written statement. "As we continue to lead the charge in transparent seafood products that consumers can trust, we are excited to receive this round of funding that supports the resources necessary to accelerate growth and continue to disrupt and elevate the seafood industry.”
When looking at all of the startup trends a savvy investor may want to sink money into, Fishpeople meets almost all of them. The company builds its brand on both sustainability and transparency, giving the consumer a unique window into exactly where the food came from. It also creates a convenient product, selling the fish in a meal kit so the consumer can easily prepare it.
But even though the company has many trendy attributes, the product and its business plan have staying power. Fish has been a dietary staple for hundreds of years, and more consumers are being drawn to it for its health benefits. More than half of grocery retailers surveyed for a study on the segment said they expect their seafood sales to increase in 2017.
Transparency also is becoming a must-have for consumers. According to a Label Insight study, 94% of shoppers said they would be loyal to a brand that offered complete transparency. This bodes well for Fishpeople, considering that the seafood industry is largely opaque when it comes to questions of sourcing and sustainability. Only a few food companies provide the level of traceability that Fishpeople offers, giving the brand a distinct edge in the market.
According to the company statement, Fishpeople will use these funds to expand its company's growth and expansion. Given its innovative business model, finding consumers and retail outlets for the company's products shouldn't be a problem.