General Mills has made another big investment in a plant-based analogue protein company.
GM’s 301 Inc. venture-capital fund is one of the biggest contributors to a stake of more than $32 million in Good Catch, a tuna substitute made from plants. The product, put out by Gathered Foods, uses six kinds of legumes and oil from sea algae for a “fishy” taste.
This is the latest in a series of investments by 301 Inc. in plant-based analogue proteins. Its first one, in Beyond Meat, has been a spectacular success so far, with Beyond Meat doubling its sales and seeing its stock soar. Other plant-based foods invested in by 301 Inc. include No Cow ice cream bars and Kite Hill dairy alternatives.
Good Catch is now selling an analogue albacore-tuna product in about 5,000 stores. It plans to roll out frozen entrees like fishburgers this summer.
