Plant-based seafood company Save da Sea, closes oversubscribed Seed II round
Victoria B.C., May 2, 2024 – Save da Sea has closed its Seed II round at $650,000, reinforcing its first-mover advantage in the fast-growing market for plant-based food. Globally, the plant-based seafood market was valued at approximately $84M in 2022 and is predicted to grow to $1.3B by 2030. Founded in 2019, the company is creating the category for fresh refrigerated plant-based seafood and capitalizing on the growing interest.
“Many consumers want to eat fresh, unprocessed foods that taste delicious and don’t hurt the planet. That is what Save da Sea delivers,” said Aki Kaltenbach, Founder and CEO. “Since launching, we have experienced steady growth. We are gaining traction in the US with products now available in 27 stores across the Pacific Northwest and continue to source the most sustainable ingredients to deliver on our impact agenda. We know businesses can profit with purpose and we are proving it.”
Year over year, the company saw a 63% increase in retailers and 64% increase in points of distribution. In Canada, products are available in 500 retailers including Fortinos, Healthy Planet, Save-On Foods, Sobeys and Whole Foods.
The investment will enable the company to expedite its US expansion, double down on its commitment to a more sustainable and equitable food system, and hire at its headquarters in Victoria, B.C. The round was supported by BDC’s Thrive Lab, a $100 million collaborative co-investment vehicle that supports women-led social impact companies, alongside Spring and WUTIF Capital, with support from YSpace, York University.
“Save da Sea is the Thrive Lab’s first investment and Aki brings a kaleidoscope of skills and drive. She’s exactly the type of founder we aim to invest in,” said Sévrine Labelle, Managing Director, Thrive Lab. “We see a big opportunity in plant-based foods as consumers increasingly focus on their health and demand more sustainable options. Working alongside YSpace and Spring, we are glad we could help Save da Sea exceed its fundraising target and get the advice and support it needs to achieve financial and impact success faster.”
Aki is also a current member of YSpace’s Food & Beverage Accelerator at York University. A program that supports scaling consumer packaged goods ventures and has access to industry experts, entrepreneurs, and advisors specific to her market and sector.
“Aki is a savvy entrepreneur who has built a truly unique product and understands that it requires a village to create a successful company,” said David Kwok, Director, Entrepreneurship. “While building her company, Aki quickly realized the power of partners and has surrounded herself with a group of expert advisors, including resources and mentorship from our YSpace accelerator program.”
All of Save da Sea's products are minimally processed and made from whole foods, convincingly mimicking the taste and texture of seafood. This includes a smoked salmon alternative made from a base of carrots, with a second variation with dill and capers, and a ready to eat 'tuna' salad made with jackfruit, vegan mayonnaise and spices. For more information about Save da Sea visit savedasea.com.
About Save da Sea
Save da Sea is a plant-based seafood manufacturer based in Victoria, BC. They make fresh, refrigerated seafood alternatives without the toxins and microplastics that can be found in a lot of seafood today and are available in over 500 retailers across Canada including Fortinos, Healthy Planet, Save-On Foods, Sobeys and Whole Foods.
About BDC
As Canada’s bank for entrepreneurs, BDC is a partner of choice for all entrepreneurs looking to access the financing and advice they need to build their businesses and tackle the big challenges of our time. Our investment arm, BDC Capital, offers a wide range of risk capital solutions to help grow the country’s most innovative firms. We are one of Canada’s Top 100 Employers and Canada’s Best Diversity Employers. For more information on BDC’s products and services and to consult free tools, templates and articles, visit bdc.ca or join BDC on social media.
About YSpace
YSpace is York University’s dynamic entrepreneurship hub, fostering innovation in Tech, Agri-Food and beyond with specialized streams for Black founders and Women founders. Additionally with their Start-Up Visa program, it builds a robust ecosystem, driving positive change and empowering entrepreneurs to shape the future.
For more information
Tara Wood, BDC Communications, tara.wood|AT|bdc|DOT|ca, 416-301-5724
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