US-based cell ag company BlueNalu has raised $33.5 million from new and existing investors in a Series B financing round, according to Agronomics.
Agronomics says the financing will enable Blue Nalu – whose mission is to become the global leader in cell-based seafood – in its next stage of growth and will help it progress towards scaling and commercialising its sustainable seafood around the world.
Following regulatory approval, BlueNalu plans to launch its first commercial product, premium bluefin tuna toro. The toro portion of bluefin tuna is sought after in Asia where over 80% of the estimated global supply is consumed.
BlueNalu says that currently, bluefin tuna is available in very limited supply, can be “extremely variable” in its quality and sensory attributes and has faced steep declines in fish stocks due to issues like overfishing and illegal, unregulated and unreported fishing.
In addition to the capital raise, this month the cell-based seafood company announced plans to extend and enhance its strategic partnerships with three multinational seafood industry leaders headquartered in the APAC region.
The partnerships are set to support BlueNalu’s planned introduction of cell-based seafood in a number of APAC nations over the coming years, through fostering market insights, understanding regulatory requirements and developing go-to-market strategies.
The expanded collaborations include MOUs with Mitsubishi in Japan, Pulmuone in South Korea and Thai Union in Thailand, each with a strong presence in the global seafood sector.
Lou Cooperhouse, president and CEO of BlueNalu, said: "We are honoured to deepen our collaborations with Mitsubishi, Pulmuone and Thai Union, visionary partners who share our commitment to driving innovation and shaping the future of the seafood industry. These extended partnerships in the APAC region underscore our dedication to working collaboratively with local experts in each region that we target, and our ultimate goal to provide our customers with healthy and trusted seafood options that have superior product benefits and align with evolving market conditions."
The renewed collaborations, which began with Pulmuone in 2020 and with Mitsubishi and Thai Union in 2021, represent a shared interest in the commercialisation of cell-based seafood in Asia and a commitment to sustainable seafood solutions in order to meet rising demand.
