SHORE the Scottish Seaweed Company, the trading name of Alness and Caithness-based seaweed processing company New Wave Foods Ltd, expanded its product range and created five new jobs with a £1.7m finance package, including a £498k R&D grant from HIE.
SHORE uses sustainably harvested seaweed to manufacture plant-based snacks and foods. Since launching its first range of snacks in late 2018 and the company has built up a network of more than 500 stockists across the UK and Europe and hope to increase the export of their branded products in the near future.
The funding package combined R&D grant funding from HIE, equity investment from the Scottish Investment Bank (SIB) and contributions from several private investors.
The investment will lead to a new product roll-out under the SHORE brand, helping support the company’s ambitious growth plans. This includes the launch of a new range of plant-based snacks and a revamping of its existing bagged snack range. SHORE is also poised to move into the ambient arena with its brand-new ‘Sea Kitchen’ range.
Seaweed is fast gaining recognition for its nutritional value. Investment in innovation and R&D has been crucial in helping SHORE stay ahead in this growing market.
Keith Paterson, joint Managing Director, SHORE, said: “Our success is based on creating tasty plant-based seaweed snacks and foods that appeal to the growing number of mainstream health-conscious consumers who are increasingly seeking sustainably sourced foods. Securing this package with support from HIE and SIB was a major milestone for the company and will help propel our business to new heights.”
