Iceland is a fishing-dominated country that is fast becoming an important producer of farmed salmon, and Loki Foods believes that plant-based seafood will be the future of Iceland's seafood industry.

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The start-up's first product, plant-based cod fillets, will hit the market by the end of the year, a fish that looks and cooks like real cod, but is nutritionally and environmentally better than real cod. Loki Foods has just secured a $650,000 Pre-seed round to develop a range of viable nutritional alternatives to seafood.