NEW YORK, July 09, 2024 (GLOBE NEWSWIRE) — Big Idea Ventures, a global investment leader within the food-tech, agri-tech, and materials science sectors, has launched Bayou Best Foods, Inc., the eighth investment out of its Generation Food Rural Partners Fund.
Bayou Best has been launched to commercialize a portfolio of proven intellectual property that supports a truly sustainable, animal-free solution to the seafood industry while delivering great tasting solutions for customers. Bayou Best will have an initial focus on shrimp with plans to extend into adjacent categories. In 2023, the global shrimp market size was $40.35 billion and is projected to grow to $74.24 billion by 2032 at a CAGR of 7.09% during the 2024-2032 period.
“There are significant environmental, human rights, and fraud issues in the seafood industry. Bayou Best’s products align with the growing demand for sustainable protein options, driven by consumer concerns about seafood sustainability and a desire for animal-free alternatives,” stated Emily Linett, Director of Strategic Partnerships of the GFRP Fund. “This investment furthers GFRP’s mission of launching innovative companies while creating living wage jobs in rural communities.”
The Board of Directors has appointed Ms. Kelli Wilson as CEO of the Company. Kelli brings over 30 years of experience in the food manufacturing industry to the Company, including senior roles at ConAgra and Beyond Meat.
“Bayou Best is positioned to be a leader in animal-free seafood manufacturing and distribution, with a strong focus on delivering an eating experience that mimics, in taste and texture, animal based seafood items,” stated Ms. Wilson. “Our mission is to provide a product that can replace shrimp in any traditional menu or dish. Consumers who have seafood allergies or who have decreased their shrimp consumption due to other health concerns, can confidently eat Bayou Best seafood and feel good about their choice,” continued Ms. Wilson. “I am excited and honored to be part of this exciting launch and look forward to leading Bayou Best as we build the future of animal-free seafood.”
About Bayou Best Foods, Inc.
Bayou Best Foods, Inc. (“Bayou Best” or the “Company”) utilizes proven technology to provide a growing range of delicious plant-based alternatives comparable in taste, texture and performance to animal-based seafood. Our seafood products are animal-free, allergy friendly, affordable and accessible to mass markets — from fast casual to fine dining restaurants. Bayou Best Foods is dedicated to addressing global food industry and environmental challenges, as well as supporting economic growth in underserved areas. For more information, visit www.bayoubestfoods.com.
About Generation Food Rural Partners
Generation Food Rural Partners (“GFRP” or the “Fund”) is a RBIC-licensed investment fund designed to drive economic growth and development in rural communities in the US. The Fund invests in the area of food, agriculture, and protein technologies to form new companies based on intellectual property. GFRP is backed by members of the Farm Credit System, including Farm Credit Services of America, CoBank, Compeer Financial and Mid-America Farm Credit. GFRP is a part of Big Idea Ventures (“BIV”), a global investment leader within the food-tech, agri-tech, and materials science sectors. For more information, visit https://bigideaventures.com/generation-food-rural-partners/.
