US-based cultivated seafood company BlueNalu has raised $33.5 million from new and existing investors in a Series B round, announces Agronomics, the UK’s leading biotech VC with a strong portfolio of cell ag companies, including BlueNalu.
The new funds will allow BlueNalu to scale the production of cultivated toro (the high-value portion of bluefin tuna) and demonstrate the technological capabilities of its platform to create whole-muscle products.
BlueNalu is based in San Diego, California, where it operates a 40,000-square-foot pilot facility producing small batches and carrying out market testing and research insights in food service settings across the USA. The announced plan is to scale the current production further and prepare to launch, following regulatory approval, its first commercial product (toro).
BlueNalu raised $60 million in debt financing in 2020, claiming it was the largest financing in the cell-based seafood industry. Previously, the cell ag company secured a $20 million Series A round in early 2020 and a $4.5 million Seed round in 2018.
Agronomics says it has invested $ 8 million in BlueNalu’s Seed and Series A and a pre-Series B financing round. However, it did not participate this time.
“The financing will enable the next stage of BlueNalu’s growth and its continued progress towards scaling and commercializing healthy and sustainable seafood in the U.S. and around the world,” said Agronomics.
Redefining seafood
Just last week, BlueNalu announced extended and improved partnerships with prominent seafood APAC industry leaders, including Japan’s Mitsubishi Corporation, South Korea’s Pulmuone Co. Ltd., and Thai Union to develop market strategies to launch its sustainable cultivated bluefin tuna in the region over the coming years.
Asia consumes more than 80% of the total bluefin tuna caught worldwide. As a result, the fish is in high demand and highly prized in the region. Furthermore, its populations have drastically declined in all habitats due to overfishing and illegal and unreported fishing.
“At BlueNalu, we are specifically targeting species that are overfished, primarily imported, and difficult to farm-raise. It is our goal, as a result of this strategy, to reduce fishery pressure, displace the need for imports, create jobs, enhance food security, and redefine local seafood in each region we go to market,” said Lou Cooperhouse, president and CEO of BlueNalu, in an interview with vegconomist.
