BlueNalu’s whole-muscle, cell-based yellowtail amberjack.
First, it was lab-grown hen. Now, it’s seafood.
San Diego-based meals startup BlueNalu mentioned Tuesday that it raised $60 million in convertible observe financing, as it prepares for a doable market launch later this yr.
“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,” says Lou Cooperhouse, BlueNalu’s president and CEO, in an announcement.
BlueNalu intends to make use of the funds to finish its regulatory evaluation with the Food and Drug Administration and start testing its merchandise in a wide range of foodservice institutions throughout the U.S. The firm did not disclose the names of any foodservice companions.
Plans are additionally underway to open an almost 40,000-square-foot pilot manufacturing facility.
Rage Capital led this funding spherical. Agronomics, Lewis & Clark AgriFood, McWin, KBW Ventures, and Siddhi Capital additionally participated.
Cell-based, or cultured, seafood is created by extracting cells from fish and rising the samples in giant bioreactors. The firm plans on introducing mahi mahi as its first cultured seafood merchandise, adopted by bluefin tuna.
Late final yr, the Singapore Food Agency authorised cell-cultured hen made by Eat Just. This was the primary lab-grown hen to obtain regulatory approval, and the corporate is in search of to achieve extra approvals to promote its merchandise in different markets, together with the U.S.