BlueNalu, the innovative San Diego company producing sea food from fish cells, will build a pilot production facility and gear up for market launch after completing a $20 million Series A financing.
The financing round was co-led by Stray Dog Capital, CPT Capital, New Crop Capital and Clear Current Capital – all of whom participated in the company’s seed round.
Investors in this latest round include Nutreco, a global leader in animal nutrition and aquafeed who BlueNalu partnered with in January, and Griffith Foods, a global product development partner to the food industry, and Sumitomo Corporation of Americas, among others.
With the proceeds, BlueNalu will develop a good manufacturing practices pilot production facility in San Diego and expand its team. It will also enable the company to complement strategic alliances for global operations and distribution and prepare for its market launch.
“BlueNalu has made considerable progress toward bringing cell-based seafood products to the world,” said Lou Cooperhouse, President & CEO of BlueNalu.
“We have designed and executed a platform technology in which we will ultimately offer a broad array of sustainable cell-based seafood products to consumers, and our team has been extremely focused on implementing systems and processes that will be needed for cost-effective, large-scale production.”
He added that the company is “eager to form partnerships with these five strategic investors, so that we can efficiently commercialise and launch our cell-based seafood products in nations around the world.”