New Wave Foods secures £1.7m funding boost
New Wave Foods, trading as Shore the Scottish Seaweed company, has grown its product range on the back of a £1.7 million finance package.
Alness-based Shore uses sustainably harvested Scottish seaweed to manufacture plant-based snacks and foods. It launched its first range of snacks in late 2018 and has already built a network of more than 500 stockists.
The firm’s cash injection comprises a business development grant from Highlands and Islands Enterprise (HIE), equity finance from the Scottish Investment Bank (SIB) – the financial arm of Scottish Enterprise – and contributions from several private investors.
Their support is funding a new range of plant-based snacks and revamp of Shore’s existing bagged snack range.
The company, which has a factory in Wick and employs 15 people plus seasonal workers, is also poised to move into the “ambient” sector with its new Sea Kitchen range.
Keith Paterson, joint managing director, said: “Our mission is to create an edible seaweed industry of scale in Scotland that is 100% sustainable, good for the coastal environment and beneficial for our local rural communities. Our success is based on creating tasty plant-based seaweed snacks and foods that appeal to the growing number of mainstream health-conscious consumers.
“Securing this package with support from HIE and SIB is a major milestone for the company and will help propel our business to new heights.”
SIB said Shore was “well-placed to further tap into the growing market for healthy plant-based snacks”.
Fergus Ewing, rural economy secretary, added: “Supporting innovative companies like Shore to grow and develop helps to secure new employment opportunities for rural communities. As the country begins to recover from the economic impact of the pandemic, it is important that we continue to invest in and support rural businesses.”
David Oxley, HIE business growth director, said: “The Highlands and islands have a natural advantage and well-earned reputation for producing high-quality food and drink products from our outstanding natural environment. Seaweed processing presents a new and growing opportunity to expand on this.”