BlueNalu with whole muscle, cell-based, yellow tail.
Source: BlueNalu
First, it was chicken grown in the laboratory. Now, it’s seafood.
San Diego-based food startup BlueNalu said Tuesday it has raised $ 60 million in convertible banknote funding as it prepares for a possible market launch later this year.
“This recent funding will allow us to continue to advance our mission and the next phase of our marketing plans, while continuing to develop strategic partnerships that we expect to provide global market coverage in the coming years,” said Lou Cooperhouse, President. BlueNalu and CEO, in a statement.
BlueNalu intends to use the funds to complete the regulatory review with the Food and Drug Administration and to begin testing its products in a variety of US food service units. The company has not disclosed the names of any food service partners.
Plans are also underway to open a pilot production facility of almost 40,000 square meters.
Rage Capital led this round of financing. Agronomics, Lewis & Clark AgriFood, McWin, KBW Ventures and Siddhi Capital also participated.
Cell-based or cultured seafood is created by extracting cells from fish and increasing the samples in large bioreactors. The company intends to introduce mahi mahi as its first cultivated seafood product, followed by red tuna.
Late last year, the Singapore Food Agency approved Eat Just’s cell-grown chicken. This was the first laboratory-raised chicken to receive regulatory approval, and the company is seeking additional approvals to sell its products in other markets, including the United States.