The global meat substitute market was valued in two years at $4.51 trillion. This is expected to increase by 2027. Startups such as alternative meat food company AKUA are aiming to secure a prominent position in this up-and-coming sector.
Courtney Boyd Myers, a former technology journalist, co-founded AKUA along with Matthew Lebo. Matthew Lebo was an advisor to GreenWave which trains ocean farmers. Courtney sought out a career that would leave a lasting legacy and help her fulfill her mission to reverse climate change.
Boyd Myers grew up with a father who worked as a food marketer and she was very aware of the negative effects that fast food can have on a person's health. She was also always interested in healthy options that would be good for the environment.
Initial plans were to replace the unsustainable aspect of food factory farming with regenerative marine farming. AKUA was founded after a friend suggested that she visit a kelp farm.
Today, AKUA revealed a seed round of $3.2 million, which was led by Vibrant Ventures. This will give the company $5.4million in total fundraising. The total funds include capital from co-founders and backing from Republic.
Participation was also provided by a group including Pegasus Sustainable Fin, Halogen Ventures. Fifth Down Capital. Alumni Ventures Group. Karmagawa is a former linebacker for the New England Patriots. SmartyPants CEO Courtney Nichols Gould and Sir Kensingtons cofounder Brandon Child. Gellert Global Group president Andy Gellert. SOAs Seabird Ventures. Blue Angels.
The company's first product, Kelp Jeerky, was launched in 2019. It comes in four flavors and Boyd Myers considered it a good test product to show people how ocean-farmed Kelp can be seen.
She said that although it was not perfect, it is extremely healthy. The pandemic forced us to rethink our product offerings and we created The Kelp Burger.
This burger is non-GMO, gluten-free, vegan and made from ocean-farmed Kelp, cremini mushrooms and black beans.
They couldn't do the food tastings with the jerky so they started a food club. Samples of the burger were sent to them by mail. Boyd Myers stated that 1,000 people signed up and The Kelp Burger became the favorite product.
Some meat alternatives may contain chemical preservatives or other difficult-to-pronounce ingredients, which can make it impossible to find healthier options. Shiru, a startup that recently raised $17million to develop healthier meat bonding agents, is one example.
Boyd Myers said that these claims inspired AKUA to develop the ingredient list for its kelp burger. It has 15 ingredients. All of them are food-derived or food-derived.
She said that the first wave of plant-based food was the Boca Burger, beans, and tofu. The second wave was Impossible and Beyond. The third wave will be the return of whole foods and clean eating. We can only be as great as our predecessors, and without them, we wouldn't be able to make a better plant-based burger.
AKUA began selling direct to consumers in May. AKUA currently ships to all 50 states, except Alaska and Hawaii. Boyd Myers stated that there were sales and repeat customers but that it was too early for growth metrics. The company is still exploring retail locations. Boyd Myers has preorders from more than 100 New York stores. She expects that those orders will be shipped in the next few months.
The AKUA portfolio includes Kelp Pasta, in addition to the jerkys and burgers. New funding will be used to fund R&D in areas such as alternative meats and plant-based seafood. This also includes research into how kelp can be used in other foods like lentils.
Boyd Myers stated that AKUA soft-launched a kelp meat product and will launch a kelp crabcake product in the second quarter 2022. Company will also be hiring additional talent and increasing its marketing and sales efforts.
Boyd Myers stated that she was thrilled to work alongside Jarret Christie (founder of Vibrant Ventures), as she was introduced to him by other founders. Vibrant Ventures, a plant-based fund based in Los Angeles, was launched in July.
Christie met Boyd Myers and saw her as a community builder, who was working to create a movement against factory farming, fight climate change, and help people access lower-cost, healthier food.
Six months ago, kelp was not on everyone's radar. However, it is being considered for crop feed and packaging, as well as crop fertilization. She works hand-in-hand to kelp growers. I believe that this is only the beginning.
