New Wave Foods Ltd has secured new six-figure investment from its biggest shareholders to progress the production of its Scottish seaweed, expand its SHORE range of products and create new ranges to boost UK retail listings.
Since launching its sustainable seaweed snack range a year ago, the Wick-based food firm’s super-grain chips have become the biggest selling non-potato bagged snack in existing regional supermarket listings (Neilson data) and they’ve recently gained new listings with Morrisons, Holland & Barrett and Booths.
Now with a fully compliant HFSS recipe, a new Smoky BBQ chip flavour joins the existing three later this month and its Sweet Sriracha chips also appear in the Craft Gin Club’s November subscription box featuring an Outer Hebridean gin and accompanying Scottish snacks & drinks.
This latest equity fundraising round will enable the sustainable food firm to further expand the distribution of its products across UK retail and bring more innovative products to market under its breakthrough brand SHORE The Scottish Seaweed Co., starting with a duo of ambient plant-based Ramen Broths made with the same seaweed they sustainably hand harvest along the Scottish coastline for their chips.
SHORE’s fragrant Miso Ramen and Chilli Ramen deliver a high quality ramen experience at home, in a convenient ready to heat format. Plugging the gap between poorer quality concentrates & powdered ramen products currently on the market and the restaurant experience of ramen, the two SKUs will roll out initially at Amazon and independents in 500ml fully recyclable Tetra packs later this month (rsp £3) with more listings to follow later this year.
Furthermore, New Wave Foods will use part of the equity funding to drive forward their ambitious sustainable production of Scottish seaweed, including farming at their site near Oban.
SHORE joint Managing Director Keith Paterson says: “We are delighted how well our SHORE Chips are performing in the better-for-you snacking market. We see a substantial opportunity to replicate what the brand has achieved in Scotland across the whole UK, with a HFSS compliant snack that actually tastes great and has a proven leading rate of sale.
“We are also excited to be launching a delicious new plant-based Ramen range, inspired by our own hand harvested seaweed. It’s a product range that tested fantastically with our consumers and furthers our mission to create an edible seaweed industry of scale, that is 100% sustainable, good for the coastal environment and beneficial for our local rural communities.”