BlueNalu’s lean muscle, cell-based yellowtail amberjack.
Source: BlueNalu
First, it was lab-grown chicken. Now it’s seafood.
San Diego-based food startup BlueNalu said Tuesday it has raised $ 60 million in convertible bonds as it prepares for a possible market launch later this year.
“With this recent funding, we can continue our mission and the next phase of our commercialization plans, as we continue to develop strategic partnerships that we expect will give us global market reach in the years to come,” said Lou Cooperhouse, president of BlueNalu . and CEO, in a statement.
BlueNalu plans to use the funds to complete regulatory review with the Food and Drug Administration and begin testing its products in several food service companies in the US. The company has not disclosed the names of food service partners.
There are also plans to open a pilot production facility of nearly 40,000 square feet.
Rage Capital led this funding round. Agronomics, Lewis & Clark AgriFood, McWin, KBW Ventures and Siddhi Capital also participated.
Cell-based or cultured seafood is made by extracting cells from fish and growing the samples in large bioreactors. The company plans to introduce mahi mahi as the first farmed fish product, followed by bluefin tuna.
Late last year, the Singapore Food Agency approved cell culture chicken made by Eat Just. This was the first lab-grown chicken to receive regulatory approval, and the company is seeking additional approvals to sell its products in other markets, including the US.