BlueNalu, a US-based producer of cultivated seafood, has announced new convertible note and preferred stock financings. The round was led by Agronomics, Siddhi Capital, and Lewis & Clark AgriFood, with participation from around 40 other existing investors. Through the insider-led financing, BlueNalu has secured approximately $11 million in cash and stock proceeds.
The capital will be used to support the market entry of BlueNalu’s cultivated bluefin tuna toro, once this achieves regulatory approval. It will also help to advance the company’s scale-up activities, including continued process optimization and manufacturing readiness for a new production facility that will support commercial production volumes.
Furthermore, BlueNalu plans to deepen its regulatory engagement in global regions such as Singapore, Saudi Arabia, Japan, Korea, the UK, and the EU, while expanding its collaborations with culinary and distribution partners to support an international rollout. In preparation for market entry, the company is targeting selected premium sushi and fine-dining establishments across the US. BlueNalu is also working closely with chefs, distributors, and strategic partners with the aim of creating a consistent, high-quality product with year-round availability.
“We greatly appreciate the strong support”
BlueNalu previously raised $33.5 million in Series B funding in 2023. At the time, the company said the capital would be used to help scale the production of cultivated bluefin tuna toro and demonstrate the technological capabilities of its platform to create whole-muscle products.
In 2024, BlueNalu became the first cultivated seafood producer to join the US National Fisheries Institute. Last year, the company expanded its partnership with European frozen food company Nomad Foods and was accepted into the UK Food Standards Agency’s novel foods regulatory sandbox, which aims to fast-track approvals of cultivated products.
“We greatly appreciate the strong support from our prior investors and our global strategic partners as we advance towards commercialization,” said Lou Cooperhouse, the founder, president, and CEO of BlueNalu. “This financing will enable us to move forward with our planned introduction of cultivated bluefin tuna toro, followed by commercialization activities to expand our production and distribution capabilities to premium foodservice operators, initially in the United States and ultimately in markets worldwide.”
