BlueNalu is raising $ 60 million to bring cell-based mahi mahi to market
The San Diego-based cellular aquaculture startup launched this week BlueNalu secured $ 60 million in debt financing from international investors, making it the largest ever in the global cell-based fishing industry. The new funding builds on a $ 20 million Series A round that BlueNalu raised in 2020 after securing $ 4.5 million in seed capital funding in 2018.
Founded in 2018, the company produces slaughter-free fish – using a few fish cells and under controlled farming – with the aim of making seafood that is healthier, free of microplastics and other contaminants, and more environmentally friendly. “The BlueNalu team is committed to creating cell-based seafood products that are healthy for consumers, humane for animals, sustainable for our planet, and provide greater food security for every country we market,” said Lou, President and CEO of BlueNalu Said Cooperhouse. “This latest round of funding will allow us to advance our mission and the next phase of our commercialization plans as we continue to develop strategic partnerships that we expect will give us global market reach in the years to come.”
Bringing non-slaughtered fish to market
In August 2019, BlueNalu outlined its plans for a laboratory-grown seafood manufacturing facility that would produce 18 million pounds of seafood on a large scale without the need for seafood slaughter, and has since signed a lease on a 38,000-square-foot facility that is six times that Increase compared to the current BlueNalu range in order to make his vision a reality. With the new financing, BlueNalu plans to start operations in the new facility in San Diego, complete the approval of the first products by the Food and Drug Administration (FDA) and start testing the cell-based fish in food service operations in the USA with Mahi Mahi later that year, followed by premium bluefin tuna.
“We have increased our stake in BlueNalu by investing for the second time. Our commitment to raising additional capital is based on the company’s impressive roadmap, which shows a clear path to increase production and bring its first product to market, ”said Prince Khaled bin Alwaleed bin Talal Al Saud, vegan activist, founder and CEO of KBW Venturesand a two-time investor in the company said. “KBW Ventures is excited to play a role in the largest funding of a cell-based seafood company, targeting enterprise-minded companies seeking sustainable solutions to global food security issues.”
BlueNalu also establishes joint venture partners around the world to expand into international markets, develop new species, and develop global market strategies. The ultimate goal is to disrupt the unsustainable global fish industry with $ 200 billion and its eco-friendly and animal-friendly alternatives.