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San Diego startup BlueNalu, which is growing fish fillets directly from real fish cells, has raised $60 million in convertible debt financing to build out a pilot factory, continue to pursue regulatory approval and launch its seafood in restaurants.
The 3-year-old firm, which was featured on CNBC’s Streets of Dreams with Marcus Lemonis on Tuesday, is developing cell lines to grow up to eight species of seafood with mahi-mahi and bluefin tuna targeted as its initial products.
Depending on the pace of U.S. Food and Drug Administration review, BlueNalu could roll out its first cell-based mahi-mahi this year, said President and Chief Executive Lou Cooperhouse.
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Cell-based seafood isn t available to consumers anywhere just yet, but with $60 million in debt financing announced this week, BlueNalu CEO Lou Cooperhouse said the table is set for that to change by the end of the year.
The funds, which represent the biggest financing so far in the cell-based seafood segment, will be used to open a 40,000-square-foot headquarters and pilot production facility in San Diego, California. That facility and the ramp up of staff and equipment that will come with it will enable BlueNalu to produce enough cell-based mahi-mahi to appear on some foodservice menus close to the same time that it gains regulatory approval for its products from the U.S. Food and Drug Administration.
KBW Ventures invests in BlueNalu
The fresh round was led by Rage Capital and included the participation of Agronomics, Lewis & Clark AgriFood, McWin, Siddhi Capital, Clear Current Capital, CPT Capital, Flat World Partners, Losa Group, OurCrowd, Silicon Valley Community Foundation, AiiM Partners and Stray Dog Ventures along with several strategic investors. It marks the largest financing to date in the cell-based seafood industry worldwide.
“We have increased our stake in BlueNalu by investing for the second time. Our commitment to inject further capital is based on the company’s impressive forward roadmap, detailing a clear path to ramping up production and bringing its first product to market. KBW Ventures is pleased to play a role in the largest financing ever for a cell-based seafood company, aligning ourselves with mission-driven businesses that seek to solve the world’s food security issues sustainably,” said Prince Khaled bin Alwaleed bin Talal Al Saud, founder and CE
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