Cell-based seafood producer BlueNalu raises $ 60 million

First, it was lab-grown chicken. Now it’s seafood.

San Diego-based food start-up BlueNalu said on Tuesday it had raised $ 60 million in convertible note financing, as it prepared for a possible market launch later this year.

“This recent funding will allow us to continue advancing our mission and the next phase of our commercialization plans, while continuing to develop strategic partnerships that we hope will allow us to reach the global market in the coming years. years, ”said Lou Cooperhouse, president of BlueNalu. and CEO, in a statement.

BlueNalu intends to use the funds to complete its regulatory review with the Food and Drug Administration and begin testing its products at various foodservice establishments across the U.S. The company has not disclosed the names of any. catering partner.

Plans are also underway to open a pilot production facility of nearly 40,000 square feet.

Rage Capital led this round of funding. Agronomics, Lewis & Clark AgriFood, McWin, KBW Ventures and Siddhi Capital also participated.

Cell-based or cultured seafood is created by extracting cells from fish and growing the samples in large bioreactors. The company plans to introduce mahi mahi as the first farmed seafood product, followed by bluefin tuna.

At the end of last year, the Singapore Food Agency approved the cell culture chicken made by Eat Just. It 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 United States.