BlueNalu secures investment from Sumitomo Corporation of Americas
Sumitomo Corporation of Americas (SCOA) has announced that it has invested in BlueNalu, the San Diego, California, U.S.A.-based company that is researching how to create cell-based seafood products.
The investment, announced on 29 May, was for an undisclosed amount. However, according to the SCOA release, the funding will allow BlueNalu to “develop a good manufacturing practices (GMP) pilot production facility in San Diego, expand its team, implement strategic alliances for global operations and distribution, and prepare for its market launch.”
The investment comes on the heels of a similar announcement in March, when the company disclosed it had received several investors – including a Saudi prince, Rich Products, and feed giant Nutreco – in a funding round of USD 20 million (EUR 17.9 million).
"In a time when consumers are increasingly more particular about sustainability and safety related to their food products, we believe BlueNalu's technology will offer a sustainable solution to consumers, free of mercury and environmental contaminants, that will support the health, sustainability and biodiversity of our ocean," Hideki Hijiya, general manager of the food and lifestyle group at SCOA, said. "We look forward to helping BlueNalu grow and achieve their production and distribution goals so they can bring this important resource to every corner of our planet."
SCOA is the largest subsidiary of Sumitomo Corporation, a worldwide company headquartered in Japan. It represents one of the largest business groups in Japan, and has offices in 66 countries, and typically has a net income of USD 1.6 billion (EUR 1.4 billion).
“With decades of experience in the food production and distribution industry throughout the Americas, SCOA can help connect BlueNalu with important industry relationships and provide access to global markets,” the company stated in release announcing its investment into BlueNalu. “As a member of the United Nation's Global Compact, SCOA is a strong supporter of BlueNalu's mission, which is in direct alignment with the United Nation's Sustainable Development Goals, directed towards the establishment of a better and more sustainable future for our planet.”