BFY Opps: Wicked Kitchen acquires seafood company (Score 76)

Sales Lead: Wicked Kitchen (WK) recently acquired plant-based raw seafood company Current Foods.

  • It was an all-stock transaction, but the company did not disclose further terms.
  • WK has been working to expand into this category and has relied heavily on acquisitions to do so.
    • For example, the company acquired a similar plant-based seafood maker, Good Catch, last year.
    • While Good Catch's products are cooked seafood analogs, Current Foods will not compete.
      • Instead, it will appear in various food service types and in different retail store areas.
    • This extension allows WK to expand its food service and retail options and become a larger force in the market.
  • The company will likely:
    • ​​​​​​​Ramp up spend
    • Pursue similar acquisition opportunities
    • Seek new agency partners
  • Target demographic
    • Better-for-you (​​​​​​​​​​​​​​BFY) Gen-Z and millennials

Additional spending insights:

  • Digital and social insights (digital ad spend, effectiveness, impressions, and performance)
    • YTD spend: WK has allocated roughly $14.4k toward digital ads YTD, a massive decrease from the roughly $89.2k allocated by this point last year.
    • YTD data: Since the beginning of 2023, the company has earned approximately 1.8m digital impressions, 98% via Facebook ads and 2% via Instagram ads.
    • Last year: WK allocated around $173.7k toward this channel last year after having spent less than half of this, around $69.9k, in 2021.
  • Additional channel insights  
    • WK also utilizes experiential marketing with efforts such as a recent initiative in Las Vegas, Venice Beach, and Hollywood.

Additional agency insights:

  • Opportunity: Reach out if you haven't yet done so since we haven't yet heard of any roster shits following last year's funding round.
  • Current agency roster:

Insight Sources: Digital spend insights estimated by Pathmatics.