New Wave Foods

New Wave Foods developed plant-based seafood alternatives, starting with New Wave Shrimp — a product made from sustainably sourced seaweed extract and mung bean protein engineered to replicate the taste, texture, and versatility of ocean shrimp. Founded in 2015 by marine biologist Dominique Barnes and biomedical engineer Michelle Wolf, the company targeted the U.S. foodservice channel, where roughly 80% of shrimp is consumed. Backed by New Enterprise Associates, Tyson Ventures, and Evolution VC Partners, New Wave Foods raised $18M before ceasing operations in November 2023 amid industry headwinds in the plant-based food sector.