The Sustainable Ocean Alliance (SOA) is a global organization that advances the impact of start-ups, social enterprises and youth-centered initiatives that are developing solutions to protect and sustain our ocean. SOA’s pipeline of ocean leaders, ages 16-35, is cultivated through a chapter-based model, led by students at the high school and college levels, as well as by young professionals.

Sustainable Ocean Alliance

Vibrant Ventures is an investment firm that invests in companies and start-ups that offers plant-based CPG products. Vibrant Ventures focuses on early-stage CPG investing with an understanding of global economics and consumer trends, Jarret derives value for investors by helping to fuel the plant-based food mission.

Vibrant Ventures

Halogen Ventures is a Los Angeles, California-based Venture Capital fund focused on investing in early-stage consumer technology startups with a female on the founding team. Halogen Ventures invests in pre-seed, seed, and series A companies creating groundbreaking technologies and products in the consumer space. It is hands-on and supports founders through their full lifecycle. The firm helps them build their networks, get brand exposure, hire great talent, raise follow-on rounds and find their path to acquisition or IPO.

Halogen Ventures

Alumni Ventures Group provides high-quality, diversified venture portfolios to individual investors who previously haven't had access to VC. It helps accredited alums from top entrepreneurial schools invest together in the ventures of fellow alums. The firm backs companies with an alumni connection and an institutional lead investor with expertise in the space. AVG also offers focused funds that allow any accredited investor access to a venture portfolio, diversified by type, sector, stage, and geography. Beth Obermiller, Michael Madden, and Mike Collins co-founded the firm in Manchester, New Hampshire in 2013.

Alumni Ventures

Fifth Down primarily invests in early and growth stage companies within the technology and consumer sectors.

Fifth Down Capital

Blue Angels Investment Group primarily seeks investments in profit-driven Bluetech opportunities.

Blue Angels Investment Group

Pegasus Sustainable Finance is an investment firm.

Pegasus Sustainable Finance

Seabird Ventures is a venture capital fund investing in Seed to Series A companies.

Seabird Ventures

Republic gives people the opportunity to invest in the future they believe in by providing access to startup, real estate, crypto, and video game investments. Focused on creating a diverse, sustainable, and connected world, Republic has facilitated over $500 million in investments from over one million members of the global community. With a global team in six countries, Republic is backed by Galaxy Digital, The Motley Fool, Binance, Naspers, AngelList, and more.

Republic

AKUA

Akua specializes in creating plant-based cuisine from ocean-farmed kelp. The company aims to change the people's perception of sustainable seafood by working with the plants that grow just beyond the shoreline of every coast in the world.  It was founded in 2017 and headquartered in New York, United States.

AKUA is a plant-based seafood startup that utilizes locally sourced and regeneratively farmed ocean kelp to create its products. Initially AKUA’s product portfolio includes kelp burgers, kelp jerky, and kelp pasta, which are non-GMO, soy-free, and gluten-free. Following a soft launch, in&nbsp;<a href="https://sp-edge.com/updates/11595">July 2022</a> the company launched “Krab Cake'' made from kelp, which is also its first alternative seafood product. All AKUA products are available at retailers, food service venues, and online.

Akua pulls plug on kelp-alternative protein business

Based Meat & Seafood Alternatives

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World’s First Alternative Seafood Association Aims to Revolutionize Global Seafood Industry

Here Are Three Sustainable Seafood Brands to Know for World Oceans Day

A new wave of meat, fish, and poultry alternatives are driving this hyper-growth industry into the mainstream

Plant-based Meat

AKUA lands $3.2M to turn kelp into burgers

AKUA, a New York-based company, specialized in creating plant-based foods from kelp seaweed. The company launched its first product, kelp jerky, in 2019, followed by kelp burgers in 2021 and kelp-based crab cakes in 2022. AKUA's products were sold in over 1,000 retail stores and served by more than 100 foodservice customers across the US. The company focused on ocean farming kelp, which grows through photosynthesis without the need for freshwater, land, fertilizer, or feed. This process not only sequestered carbon and nitrogen from the water but also helped reduce local ocean acidification, increase biodiversity, and support marine life. AKUA's approach was described as regenerative, aiming to leave the oceans and planet healthier. The company's kelp burgers gained popularity, with 22,000 sold in the first six months before the official launch and an additional 10,000 during the launch week in May 2021. Despite its innovative approach and initial success, AKUA faced challenges in the competitive plant-based food market. In August 2024, the company's board made the decision to wind up operations due to factors such as slim margins, competition from supply chain partners, and a general decline in the plant-based movement.
Key customers and partnerships
AKUA's products were distributed through independent US retail stores and select restaurants. The company had successfully scaled its kelp burgers into over 1,000 retail locations and partnered with more than 100 foodservice customers across the US. AKUA's kelp burgers received positive reviews from notable figures, including Sir Richard Branson, and were featured in publications such as Bon Appétit and Well+Good.

AKUA is a plant-based seafood startup that utilizes locally sourced and regeneratively farmed ocean kelp to create its products. Initially AKUA’s product portfolio includes kelp burgers, kelp jerky, and kelp pasta, which are non-GMO, soy-free, and gluten-free. Following a soft launch, in&nbsp;<a href="https://sp-edge.com/updates/11595">July 2022</a> the company launched “Krab Cake'' made from kelp, which is also its first alternative seafood product. All AKUA products are available at retailers, food service venues, and online.Key customers and partnershipsIn&nbsp;<a href="https://sp-edge.com/updates/19730">June 2023</a>, the company partnered with Nickelodeon's SpongeBob SquarePants, to launch Kelp Patties, a kelp burger aimed at a younger audience. This partnership aimed to leverage Akua’s commitment to sustainability and the popularity of SpongeBob SquarePants to increase the appeal and accessibility of sustainable food options among younger generations.

LIVEKINDLY Collective (formerly known as Food United) produces plant-based meat alternatives through its brands LikeMeat, Fry Family, and Oumph!. The group offers a wide range of plant-based alternatives to burgers, sausages, nuggets, pulled BBQ chicken, and kebabs, made primarily of soy protein and other plant-based ingredients. In <a href="https://sp-edge.com/updates/3657">June 2021</a>, the company launched two flagship plant-based brands in China – Giggling Pig (Ge Ji Zhu) and Happy Chicken (Ha Pi Ji); the first brands to be created in-house by LIVEKINDLY Collective, which encompasses seven plant-based products including dumplings, mushroom-based dishes and a seasoned minced dish. In <a href="https://sp-edge.com/updates/19881">July 2023</a>, the company launched the Oumph! Smash Burger. The product was targeted at food service and launched at over 80 Brodernas (a Swedish restaurant group) locations, with additional locations and retail expansion to follow. In <a href="https://sp-edge.com/updates/33291">September 2024</a>, Fry's Family Foods launched Shape &amp; Sizzle Mince, a new plant-based product, at Tesco stores across the UK.In June 2021, LIVEKINDLY Collective entered into an agreement to acquire The Dutch Weed Burger, a plant-based meat company based in the Netherlands. This acquisition was expected to expand LIVEKINDLY’s brand portfolio and extend the company’s international footprint into more than 40 countries including the US, Canada, Asia, Europe, and the UK.In <a href="https://sp-edge.com/updates/20574">August 2023</a>, the company acquired Alpha Foods, a California-based plant-based frozen food producer. The acquisition supported Livekindly Collective’s plans to expand its presence in the US market and venture into the ready-to-eat breakfast and burrito snacking category. Moreover, it was expected to strengthen Livekindly’s position in the global plant-based market and enable further growth and innovation within the industry.Key customers and partnershipsIn February 2021, the group formed a partnership with the Dutch plant-based food company Rival Foods to develop whole-cut plant-based chicken products. Also in February, LIVEKINDLY Collective formed two joint ventures with US plant-based food company Puris Foods (undisclosed terms) to invest in regenerative agriculture and cost-effective plant-based food production. The companies claim this joint venture’s sustainability approach will result in a long-term achievement of cost parity with conventional animal meat.

LIVEKINDLY

NotCo is a Chilean startup that develops plant-based meat and dairy alternatives. Leveraging a patented AI algorithm named Giuseppe, NotCo develops plant-based products that match the taste, texture, and mouthfeel of animal products by studying infinite combinations of plants and using internal feedback from trained chefs.NotCo’s product portfolio includes NotChicken (patties, nuggets, and tenders) and NotBurger, which are available for retail and foodservice in the US, Canada, Brazil, Argentina, Chile, Mexico, Peru, <a href="https://sp-edge.com/updates/10672">Australia</a>, and Colombia.In <a href="https://sp-edge.com/updates/28580">April 2024</a>, NotCo developed a plant-based turtle soup called "NotTurtle Soup" in partnership with Chef Diego Oka. NotTurtle Soup claims to mimic the flavor and texture of authentic turtle soup to reduce the consumption of endangered green sea turtles.Key customers and partnershipsIn February 2022, NotCo<a href="https://sp-edge.com/updates/8673"> teamed up </a>with Kraft-Heinz to form a joint venture (JV) to leverage the strengths of both companies and develop a line of plant-based food. In <a href="https://sp-edge.com/updates/27345">March 2024</a>, the JV announced plans to launch NotHotDog and NotSausages in partnership with Oscar Mayer, a subsidiary of Kraft Heinz.In <a href="https://sp-edge.com/updates/23368">November 2023</a>, the company partnered with Yellowbird Sauce, a hot sauce producer, to launch NotChicken Spicy Patties at select Whole Foods Market locations across the US.&nbsp;

NotCo

<div>
 
 Improved Nature produces plant-based chicken alternatives from soy protein, replicating the flavor and texture of real chicken. The company sells its plant-based meat products under Nature's PRIME and Nature&rsquo;s Meat brands, which cover a large line of refrigerated and frozen products like slices, nuggets, filets, tenders, and more.
 
 
 Improved Nature's reliance on soy protein makes it more similar to the original wave of plant-based meat producers which relied almost exclusively on soy to produce products for vegetarians, with less interest in mimicking the texture, taste, and mouthfeel of real meat products.
 
 
 Key customers and partnerships
 
 
 I
 n 
 <a href="https://sp-edge.com/updates/23085">
 October 2023
 </a>
 , the company partnered with RMS Foods, a US food manufacturer, to provide soy protein-based clean-label alternatives to private-label brands at a value price. In addition, the company launched a new line of heat-and-serve meals, including options such as plant-based sausage patties, nuggets, and beefless Korean bulgogi.&nbsp;
 
 
 
</div>

Improved Nature

Impossible Foods produces plant-based meat products using plant protein and high-moisture extrusion cooking techniques to transform soy protein into a texture similar to that of meat. Its portfolio includes plant-based beef, sausage, chicken, pork, meatballs, and ready meals.The company has added several products to its portfolio since launching, including <a href="https://sp-edge.com/updates/12539">Impossible Chicken Patty</a>, a new range of <a href="https://sp-edge.com/updates/12760">frozen meals</a>, new <a href="https://sp-edge.com/updates/16551">plant-based chicken products</a> (Impossible Spicy Chicken Nuggets, Impossible Spicy Chicken Patties, and Impossible Chicken Tenders), the <a href="https://sp-edge.com/updates/19591">Impossible Indulgent Burger</a>, and the <a href="https://sp-edge.com/updates/24643">Impossible Beef Hot Dog</a>.In July 2019, Impossible Foods gained FDA approval to use “Heme”, allowing the company to sell uncooked plant-based burgers at retail outlets as opposed to only selling cooked burgers at foodservice outlets. Further, in&nbsp;<a href="https://sp-edge.com/updates/32229">July 2024</a>, the company received the European Food Safety Authority’s (EFSA) provisional approval for the use of heme, followed by a positive safety opinion from a panel on the genetic modifications of the ingredient in&nbsp;<a href="https://sp-edge.com/updates/36222">November 2024</a>.&nbsp;In&nbsp;<a href="https://sp-edge.com/updates/32555">August 2024</a>, the company opened its first in-person foodservice concept called "Impossible Quality Meats" in Chicago, Illinois. This pop-up store offered a fully plant-based menu featuring items from its portfolio.&nbsp;Following this, in&nbsp;<a href="https://sp-edge.com/updates/34557">October 2024</a>, Impossible Foods launched three new retail products: Impossible Disney The Lion King Chicken Nuggets, Impossible Meal Makers, and Impossible Corn Dogs. The company claimed that these were healthier, cholesterol-free alternatives.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/8934">March 2022</a>, Kroger announced a co-branding partnership with Impossible Foods to develop meat alternatives for Kroger’s private label business, thereby expanding its customer base to include more price sensitive customers. Impossible Foods <a href="https://sp-edge.com/updates/13931">partnered</a> with Dominos Pizza Australia in October 2022 to launch a new range of plant-based pizzas featuring Impossible Beef. In <a href="https://sp-edge.com/updates/22210">September 2023</a>, the company partnered with the American restaurant chain International House of Pancakes (IHOP) to introduce plant-based sausage patties and burgers to IHOP's menus nationwide. Further, in <a href="https://sp-edge.com/updates/26436">February 2024</a>, Impossible Foods inked a partnership with the US Army Central to serve plant-based meats at their dining facilities overseas.

Impossible Foods

Planted Foods is a plant-based spinoff of ETH Zurich- a public research university in Switzerland. Its portfolio includes Planted brand chicken, pulled, kebab, bratwurst, schnitzel, <a href="https://sp-edge.com/updates/22375">duck</a>, and <a href="https://sp-edge.com/updates/25317">ham</a>.In <a href="https://sp-edge.com/updates/27493">March 2024</a>, the company launched a new fermented steak alternative developed using its proprietary whole-muscle platform. This platform uses a proprietary fermentation process to develop clean-label alternatives with improved taste and texture. Planted Foods intends to use this platform to expand its product range with more product concepts later. Further, in <a href="https://sp-edge.com/updates/28147">April 2024</a>, Planted launched vegan Chicken Tikka Skewers in the UK.As of <a href="https://sp-edge.com/updates/30584">June 2024</a>, Planted products were available at over 6,100 restaurants and 8,700 retail outlets across Switzerland, Germany, Austria, France, Italy, the UK, Benelux, and UAE with plans to expand into the US later.Key customers and partnershipsIn <a href="https://sp-edge.com/updates/19434">June 2023</a>, the company partnered with French agrifood company Fleury Michon to launch the Eminces Vegetaux range into retail in France. The partnership leveraged Planted's expertise in plant-based foods and Fleury Michon's artisanal marinades, reach, and reputation to offer plant-based alternatives for Fleury Michon’s established consumer base.Funding and financialsIn its latest funding round in <a href="https://sp-edge.com/updates">September 2022</a>, the company raised ~USD 72 million (CHF 70 million) in Series B funding led by L Catterton, with participation from Vorwerk Ventures, Movendo, and Yann Summer. The funds were earmarked for launching a new whole-cut product range, further expansion into Europe, and increasing production capacity.

Planted Foods

Suppliers of plant ingredients such as legumes, mycelia, and other proteins for the production of plant-based meat, fish, poultry, and pork products; suppliers of technology related to the production of plant-based meat

Producers of plant-based pork alternatives using plant proteins such as pea, soy, wheat, etc. Some startups also use unique ingredients such as mushroom mycelium (whole-cut bacon) and jack fruits (pulled pork) to produce pork alternatives. Products are manufactured mostly in sausage or pulled (pork) form

Producers of plant-based chicken, turkey, and duck alternatives using plant proteins such as peas, soy, wheat, etc. Products are manufactured mostly in nuggets or shredded form

Producers of plant-based seafood alternatives using plant proteins such as peas, soy, chickpeas, etc. Some startups use more unique ingredients such as algae, konjac (a Japanese yam root), tomatoes, and eggplants. Products are manufactured mostly in shredded form or as cuts (for sushi)

Producers of plant-based beef alternatives using plant proteins such as peas, soy, wheat, mung beans, etc. Products are manufactured mostly in a burger patty, sausage, meatball, or minced form

Utilizes 3D printing techniques to develop meat alternatives

Provides sustainable alternatives to animal meat

ANALYST_QUICK_TAKE

<div>
 Akua, a startup from New York focused on creating plant-based foods using kelp, has halted its operations. This decision was announced on LinkedIn by Courtney Boyd Meyers, the company's co-founder and CEO.
 The company's closure was attributed to several factors such as high production costs, competitive supply chain partners, thin profit margins, and a decrease in interest in plant-based diets. Akua's funding came from crowdfunding initiatives as well as from more than 75 individual investors.
 The company's initial product, known as Kelp Jerky, was introduced in 2019. This was followed by kelp burgers in 2021 and kelp-based crab cakes in 2022. At its peak, Akua was present in over 1,000 retail stores and had more than 100 food service customers across the United States.
</div> Analyst QuickTake: 
 This marks the second shutdown of a plant-based company, followed by RIP Foods’ closure in <a href="https: 
//sp-edge.com/updates/25254"> January 2024 </a> . Furthermore, Mycorena recently filed for <a href="https: 
//sp-edge.com/updates/31596"> bankruptcy </a> and planned to restructure operations under new ownership. While the plant-based meat industry showed signs of recovery in <a href="https: 
//sp-edge.com/insights/31261"> Q2 2024 </a> , these developments highlight the volatility of the industry.

AKUA

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