US Plant-Based Shrimp Firm New Wave Foods Shuts Down Amidst Financial Woes

San Francisco-based New Wave Foods, a plant-based seafood company backed by Tyson Ventures, the venture capital arm of poultry giant Tyson Foods, ceased activities last November and is currently undergoing assignment for the benefit of creditors (a voluntary alternative to formal bankruptcy), as first reported by Alt Meat.

According to a general assignment document, New Wave Foods faced financial difficulties and admitted its inability to repay its debts fully. Consequently, the company decided to halt its operations.

Plant-based shrimp for foodservice

New Wave Foods manufactured plant-based shrimp for the food service industry. Michelle Wolf and Dominique Barnes established the company in 2015 to disrupt the $9 billion dollar shrimp market with an alternative made with sustainable seaweed and plant proteins. The company planned to develop a range including lobster, scallops, and crab.