Cell-based seafood manufacturer BlueNalu raises $60 million

Cell-based seafood producer BlueNalu raises $60 million

Revealed: The Secrets our Clients Used to Earn $3 Billion

BlueNalu’s whole-muscle, cell-based yellowtail amberjack.

Source: BlueNalu

First, it was lab-grown chicken. Now, it’s seafood.

San Diego-based food start-up BlueNalu stated Tuesday that it raised $60 million in convertible note funding, as it gets ready for a possible market launch later on this year.

“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,” Lou Cooperhouse, BlueNalu’s president and CEO, stated in a declaration.

BlueNalu stated it means to utilize the funds to finish its regulative evaluation with the Food and Drug Administration and start checking its items in a range of food service places throughout the U.S. The business didn’t reveal the names of any food service partners.

Plans are likewise underway to open an almost 40,000-square-foot pilot production center.

Rage Capital led this financing round. Agronomics, Lewis & Clark AgriFood, McWin, KBW Ventures and Siddhi Capital likewise took part.

Cell-based, or cultured, seafood is produced by drawing out cells from fish and growing the samples in big bioreactors. The business prepares to present mahi mahi as its very first cultured seafood product, followed by bluefin tuna.

Late in 2015, the Singapore Food Agency authorized cell-cultured chicken made by Eat Just. This was the very first lab-grown chicken to get regulative approval, and the business is looking for to get extra approvals to offer its items in other markets, consisting of the U.S.

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