San-Diego, US-based BlueNalu, a cellular aquaculture startup producing a variety of seafood products directly from fish cells raised US$ 60 million in debt financing from new and existing investors on 20 January 2021.
Investors: The funding round was led by Rage Capital. Other participants include Agronomics, Lewis & Clark AgriFood, McWin and Siddhi Capital.
This is one of the largest financings to date in the cell-based seafood industry worldwide. BlueNalu completed its Series A round of US$ 20 million in early 2020, and its Series Seed round of US$ 4.5 million in early 2018. As part of the new funding, BlueNalu has added four new members to its Board of Directors, Jim Mellon of Agronomics, Larry Page of Lewis & Clark AgriFood, Steven Finn of Siddhi Capital and Alex Ruimy of Rage Capital.
What the funding is for: The funds raised will enable BlueNalu to support its future milestones including opening a 40,000 square foot pilot production facility, completing FDA regulatory review for its first products, and initiating marketplace testing at various foodservice establishments throughout the US. BlueNalu is looking forward to launching a wide variety of cell-based seafood products from its pilot production facility at San Diego.
Founded in 2017 by Chris Dammann, Christopher Somogyi and Lou Cooperhouse, BlueNalu is a cellular aquaculture company that offers seafood in a fresh, sustainable, and humane way. Its healthy, safe and trusted seafood products support the sustainability and diversity of our oceans. BlueNalu’s goals are aligned with the United Nations’ Sustainable Development Goals, i.e. achieving a better and more sustainable future for our planet.
BlueNalu is establishing joint venture partnerships within key markets for its operations. Through these partnerships, BlueNalu will be able to navigate regulatory pathways, reduce cost of raw materials, introduce new species and new product forms. BlueNalu has announced five global strategic investment partners: Pulmuone, based in South Korea, Nutreco, based in the Netherlands, Sumitomo based in Japan and Griffith Foods and Rich Products Corporation based in the U.S.
What the CEO has to say: “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. 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,” said Lou Cooperhouse, BlueNalu’s President and CEO.
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