BlueNalu, a cellular aquaculture producer start-up out of San Diego, California, U.S.A., announced the closing of USD 60 million (EUR 49.6 million) in debt financing from new and existing investors this week.
“The team at BlueNalu is driven to produce cell-based seafood products that are healthy for consumers, humane for animals, sustainable for our planet, and provide increased food security to each nation in which we go to market,” BlueNalu President and CEO Lou Cooperhouse said. “This recent financing will allow us to continue advancing our mission and the next phase of our commercialization plans, while we continue to develop strategic partnerships that we expect will provide us with global market reach during the coming years.”
With the financing, BlueNalu is set to achieve several significant milestones over the coming year, including opening a new 40,000-square-foot pilot production facility, reaching the completion of U.S. Food and Drug Administration regulatory review for its first products, and initiating marketplace testing in a variety of foodservice establishments throughout the United States. The company plans to launch call-based mahi later this year, followed by the launch of a premium call-based bluefin tuna.
Rage Capital led the fundraising efforts, and other significant participants include Agronomics, Lewis & Clark AgriFood, McWin, and Siddhi Capital.
“BlueNalu’s technology is the next phase in the continuous agricultural revolution,” Rage Capital Managing Partner Alex Ruimy said. “What the team has built, and continues to build, promises to change the way we source and eat fish. We are extremely excited to back a best-in-class management team on a mission that can truly change the world.”
Strategic investors in this financing round include Radicle Growth, by way of the Radicle Protein Challenge by Syngenta; Rich Products Corporation; and Thai Union. A partial list of other investors includes: AiiM Partners, Clear Current Capital, CPT Capital, Flat World Partners, KBW Ventures, Losa Group, OurCrowd, Silicon Valley Community Foundation, and Stray Dog Ventures.
“Thai Union is an industry leader in innovation and sustainability, and cell-based seafood perfectly aligns with both of these goals,” Thai Union President and CEO Thiraphong Chansiri said. “BlueNalu and its experienced team is at the forefront of cell-based seafood technology, with strong process capabilities to scale-up seafood in a sustainable manner. We are excited to work with them and look forward to exploring collaboration opportunities.”
BlueNalu announced completion of its Series A round of USD 20 million (EUR 19 million) in early 2020, and its Series Seed round of USD 4.5 million (EUR 3.7 million) in early 2018.
“The global market for seafood is highly vulnerable today and is valued at an estimated USD 200 billion [EUR 165.2 billion]. With strong investor support, our innovative and visionary management team demonstrates a clear value proposition, technology, IP, and a comprehensive regulatory strategy, all of which provide a solid foundation as we move closer to our in-market launch,” BlueNalu CFO Amir Feder said.
Photo courtesy of BlueNalu
