BlueNalu’s whole-muscle, cell-based yellowtail amberjack.
First, it was lab-grown chicken. Now, it’s seafood.
San Diego-based food startup BlueNalu said Tuesday that it raised $60 million in convertible note subsidizing, as it prepares for a possible market launch later this year.
“This recent financing will allow us to pursue advancing our mission and the next phase of our commercialization plans, while we continue to develop strategic partnerships that we demand will provide us with global market reach during the coming years,” says Lou Cooperhouse, BlueNalu’s president and CEO, in a affirmation.
BlueNalu intends to use the funds to complete its regulatory review with the Food and Drug Administration and begin testing its commodities in a variety of foodservice establishments across the U.S. The company didn’t disclose the names of any foodservice partners.
Plans are also underway to liberal a nearly 40,000-square-foot pilot production facility.
Rage Capital led this funding round. Agronomics, Lewis & Clark AgriFood, McWin, KBW Plunges, and Siddhi Capital also participated.
Cell-based, or cultured, seafood is created by extracting cells from fish and wax the samples in large bioreactors. The company plans on introducing mahi mahi as its first cultured seafood item, followed by bluefin tuna.
Up-to-date last year, the Singapore Food Agency approved cell-cultured chicken made by Eat Just. This was the first lab-grown chicken to suffer regulatory approval, and the company is seeking to gain additional approvals to sell its products in other markets, including the U.S.