A California food tech company which makes seafood directly from fish cells has raised $20 million in its Series A round of funding.
BlueNalu, in San Diego, will use the cash injection to develop its facility, its team, and prepare for its market launch.
Among the investors in the round was KBW Ventures, led by His Royal Highness Prince Khaled bin Alwaleed bin Talal Al Saud. KBW Ventures supports innovative companies like BlueNalu that have tremendous potential for growth, and can sustainably feed the world.
A number of strategic investors took part in the round, providing a broad range of expertise and infrastructure in supply chain, operations, sales, marketing, and distribution.
"BlueNalu has made considerable progress toward bringing cell-based seafood products to the world," Lou Cooperhouse, president and CEO of BlueNalu, said in a statement sent to Plant Based News.
"We have designed and executed a platform technology in which we will ultimately offer a broad array of sustainable cell-based seafood products to consumers, and our team has been extremely focused on implementing systems and processes that will be needed for cost-effective, large-scale production.
"We are extremely thankful to the committed group of visionaries who participated in our earlier financing round and have invested again in this round; and we are eager to form partnerships with these five strategic investors, so that we can efficiently commercialize and launch our cell-based seafood products in nations around the world."
"BlueNalu has demonstrated global leadership in cell-based seafood, and has the team, expertise, strategy and networks that are key to its success," added Chuck Laue, co-founder and chair of Stray Dog Capital.
"As global demand for seafood continues to increase, and our supply continues to be compromised, we are excited at the potential for BlueNalu to play a significant role in feeding the planet in the decades to come.”
Additional investors also include celebrity chef Roy Yamaguchi, and award-winning record producer Axel Hedfors of music supergroup Swedish House Mafia.