BlueNalu, a San Diego, CA-based food company producing a variety of seafood products directly from fish cells, closed a $60m debt financing.
The convertible note financing round was led by Rage Capital, with participation from Agronomics, Lewis & Clark AgriFood, McWin, Siddhi Capital, Radicle Growth, Rich Products Corporation, Thai Union, AiiM Partners, Clear Current Capital, CPT Capital, Flat World Partners, KBW Ventures, Losa Group, OurCrowd, Silicon Valley Community Foundation, and Stray Dog Ventures. Previously, BlueNalu announced completion of its Series A round of $20m in early 2020, and its Series Seed round of $4.5m in early 2018.
The company intends to use the funds to complete its nearly 40,000 square foot cell-based seafood pilot production facility, complete FDA regulatory review for its first products, and initiate marketplace testing in a variety of foodservice establishments throughout the United States.
Led by Lou Cooperhouse, President and CEO, BlueNalu plans to introduce a wide variety of cell-based seafood products from its pilot production facility in San Diego. The company anticipates starting with the launch of mahi mahi later this year, followed by the launch of a premium bluefin tuna thereafter.
BlueNalu is currently establishing joint venture partnerships within key markets where it will operate. These partnerships are expected to enable them to navigate regulatory pathways, lower the cost of goods, introduce new species and new product forms, and inform their global market strategy. Previously, the company announced five global strategic investment partners: Nutreco, based in the Netherlands; Pulmuone, based in South Korea; Sumitomo, based in Japan; and Griffith Foods and Rich Products Corporation, based in the U.S.
As part of this financing, BlueNalu added four new Observers to its Board of Directors: Steven Finn of Siddhi Capital, Jim Mellon of Agronomics, Larry Page of Lewis & Clark AgriFood, and Alex Ruimy of Rage Capital. The company currently has a three-member Board of Directors including:
- Lou Cooperhouse,
- Chris Kerr of Unovis/New Crop Capital, and
- Chuck Laue of Stray Dog Capital.