Aqua Cultured Foods has raised $5.5 million in a seed funding round led by venture capital fund, Stray Dog Capital.

The food tech start-up uses proprietary mycoprotein fermentation processes to make its “ultra-realistic” seafood alternatives. Aqua’s offerings include whole muscle-cut products, such as plant-based tuna and whitefish fillets, as well as minced ‘seafood’ fillings.

The company recently acquired a food-grade facility and plans to use the new funds to equip the site. The capital injection will also enable Aqua to scale up production, expand its team and bring its alt-seafood products to market.

Alongside Stray Dog, the round received participation from H Venture Partners, Aztec Capital Management, Amplifica Capital and CJ CheilJedang, as well as existing investors.

“We appreciate having mission-aligned partners that offer strong strategic value for the next phase of our growth, which will involve building up the business and brand,” said Aqua CEO, Anne Palermo.

Johnny Ream, partner at Stray Dog Capital, added: “The adage is true that early-stage funds heavily weight investment conviction in people, and less in technologies or products given the embryonic nature of companies at these stages, but Aqua already boasts strength across its team, product and key partnerships already in place”.

“We are interested in backing founding teams leveraging unique technologies and approaches that drive a more sustainable future; the work Aqua is doing with alt-seafood has immense potential to drive both human and planetary benefits in a massive $100 billion+ global market.”

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