New School Foods, a Toronto-based, plant-based seafood startup, has raised USD 12 million in a seed funding round from a global set of investors that include Lever VC, Blue Horizon, Hatch, Good Startup, Alwyn Capital, and Joyance Partners, along with grants from several agencies, including Protein Industry Canada.
Along with the funding round, the company unveiled its new scalable and proprietary platform for the development of whole-cut meat alternatives. According to the company, this platform delivers several industry firsts, including plant-based muscle fibers and whole-cut scaffolding.
The funding raised will be used for continued R&D efforts, additional hires of food scientists, scaling up its proprietary platform, and building a research and production facility.
Founded in 2020, New School Foods is a developer of plant-based seafood, focusing on whole-cut salmon alternatives. According to the company, its products resemble real salmon in terms of appearance, texture, taste, and cookability. New School Foods has also developed a chef-only pilot program prior to its product launch, targeting restaurants across the US in 2023.
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