Greenleaf Foods invested $5m in the fish substitute producer as part of a series B round that included General Mills' corporate venturing subsidiary, 301.

Gathered Foods, the owners of plant-based food brand Good Catch, completed a $32m series B round on Wednesday featuring packaged food producer General Mills and plant-based food provider Greenleaf Foods.

Stray Dog Capital and Rocana Ventures co-led the round, which included Almanac Investments, CPT Capital and New Crop Capital. Greenleaf put up $5m for the round while General Mills invested through its corporate venturing vehicle, 301.

Good Catch markets plant-based seafood alternatives, its lead product being a fish-free tuna that is already available in stores. It intends to add new products such as plant-based burgers, crab cakes and fish cakes this year.

The series B proceeds will also help the company expand in North America, Asia and Europe beginning with a move into the UK, in addition to expanding its food channel services and launching a dedicated production facility.

Dan Curtin, Greenleaf’s president and CEO, said: “Good Catch is pioneering a new, promising sector of the fast-growing plant-based protein category and we are thrilled to support their continued growth and progress as they deliver consumers great-tasting plant-based seafood products that support their brand mission – and ours, as well.”

Gathered Foods has now raised since being founded in 2016, including $8.7m in an August 2018 series A round led by New Crop Capital and backed by poultry and nutrition product manufacturer PHW Group and food suppliers Thrive Market and Fresh Direct.

Stray Dog Capital, Clear Current Capital, VegInvest, Rocana Capital, Blue Horizon, EverHope Capital, Baleine & Bjorn Capital, M13 and Starlight Ventures also participated in the series A round. It was followed by a $10m convertible note round co-led by New Crop Capital and Stray Dog Capital in June 2019.

Photo courtesy of Gathered Foods Corporation.