The 2024 Annual Greg Smith Award Save Da Sea Food – Aki Kaltenbach and Claudia van der Vorm
For the fourth year in a row we were pleased to hand out the Greg Smith Award during our Summit on the Mountain in Squamish. We received many nominations to reward the founder-investor team with the most grit and the choice wasn’t all that easy. But we knew what we were looking for. The previous winners, Redlen, Actenum and Indiegraf were all companies that had to work through serious setbacks and concurrent cash crunches. Investors stepping up to help overcome that hurdle wasn’t always enough: the investor had to become a part of the team to help the entrepreneurs through the hardest part and add the necessary value beyond just writing the cheque. These long term relationships are foundational to founder success and essential in avoiding failure early on.
It was no different for Save Da Sea Food founder Aki Kaltenbach. Her Victoria-based company focuses on sustainable, plant-based seafood made from wholesome ingredients and it mimics the taste and texture of seafood. It thus not only provides a healthy food solution but it enables its consumers to do their part to mitigate the impact of over-fishing and contribute to a more sustainable food ecosystem.
Despite the obvious benefits, Aki’s journey building her first business was not an easy one. In her own words:” I can confidently say that growing this company is the hardest thing I have ever done. People tell you how hard it is being an entrepreneur, but it's hard to truly understand it until you experience it for yourself.”
Developing the product, dealing with manufacturing issues, getting retail space to bring the products to market, monitoring product quality, engaging with various industry stakeholders made this is a start-up like no other. It required a number of subsequent funding rounds in a market that was challenged by the pandemic and rapidly changing fundraising circumstances. Claudia van der Vorm was Aki’s 2nd investor, and she wrote a cheque when Save Da Sea had only one product in a handful of grocery stores. Since writing that cheque Claudia has come on as an advisor and has supported Aki tirelessly with financial projections, grant applications, and most recently, the intense due diligence they went through with BDC’s new Thrive Lab Fund. Aki:”Save Da Sea would not be here today without her support, and I feel so lucky to have found an investor like her.”
Aki considers herself lucky with the incredible group of investors in her company: “They not only wrote those first cheques and follow on cheques; they introduced me to other investors, potential customers and they cheer me on both virtually and in person.”
Claudia van der Vorm has for years been active as a cleantech investor in Canada and has always combined her investment with an active advisory or mentor role. And she took that same approach to Save Da Sea which is now on solid ground and well positioned for growth in a rapidly growing industry for plant-based seafood solutions.
Greg Smith was a relentless believer in entrepreneurs and knew that just making the investment often would not cut it. He believed in being there and support, from strategic to financial advice to moral support and brining a case of beer to board meetings to help facilitate the hard conversations. This approach works and do help in bringing companies back from the brink and towards growth and long term success. Many congratulations to the Save da Sea Food Founder/investor team Aki Kaltenbach and Claudia van der Vorm for winning the award and continuing to work in Greg’s spirit.
