The $5 million investment will be used to propel The ISH Company and plant-based seafood into the flourishing plant-based foods market and help the company continue to create more innovative products © The ISH Company
Foodtech startup the ISH Company is planning to further disrupt the food industry with healthy and sustainable plant-based seafood alternatives with its latest $5 million seed round. According to a news release from the company, the startup plans to accelerate growth and development of its plant-based food products. The oversubscribed round was led by ACCELR8, with participation from Stray Dog Capital and multiple angel investors. ISH has raised a total of nearly $10 million to date.
The funds will primarily be used to propel The ISH Company and plant-based seafood into the flourishing plant-based foods market, help the company continue to create more innovative products and lay the groundwork for future partnerships. ISH uses its whole system approach to fill the market gap by developing sustainable, healthy and delicious plant-based versions of consumers' favourite seafoods.
The ISH Company's products fill a large gap in the plant-based market by using healthy, natural ingredients like coconut and algae to create delicious products that mimic the texture and flavour of shrimp and other seafood products, which other brands struggle to imitate.
"The plant-based market has seen incredible growth over the past couple of years, but there is a massive lack of seafood substitutes," said Bernard David, CEO and founder of The ISH Company. "Currently, two-thirds of seafood is consumed away from home, which is why we've focused on providing healthy and sustainable plant-based seafood alternatives to diversify plant-based offerings for consumers initially at restaurants and universities."
ISH, which stands for Innovative, Sustainable and Healthy, launched its flagship product Shrimpish, a plant-based shrimp, in early 2022 and has a robust product portfolio in development with more than 25 products, including salmon, cod, crab and lobster alternatives that have the same taste and texture of their living counterparts.
"The opportunity to support a company that's making significant strides in providing a more environmentally friendly way to eat seafood was a huge draw for our team," shared Justin Kern, partner at ACCELR8, which invests in companies making exponential changes to reduce the impacts of climate change. "We believe the ISH team is uniquely positioned to make a splash in the plant-based seafood market, without sacrificing health and environmental concerns."
Investors believe that the plant-based seafood category has the potential to make up over $500 million in sales © The ISH Company
"ISH is helping people gain access to healthy, sustainable and delicious plant-based seafood, a market in which we see tremendous opportunity," said Lisa Feria, CEO at Stray Dog Capital. "The plant-based seafood category has the potential to make up over $500 million in sales and we're excited to include ISH in our portfolio as this figure continues to grow."
The funding news follows on the heels of the company's B Corp certification as well as a recent partnership with Thai Union. The company's products are currently available to consumers in various restaurants, colleges, and universities across the country. Click here to learn more about the company.
