Saudi Arabia-based investment fund Neom Food has signed a Memorandum of Understanding (MoU) with cell-based seafood start-up BlueNalu.
The partnership aims to progress the commercialisation, marketing and distribution of BlueNalu's cell-based seafood products and reflects the mutual interests of both organisations in developing food solutions that increase food security and improve access to healthy foods for communities in Saudi Arabia and worldwide.
Under the MoU, the companies hope to support the establishment of an incubation and food innovation ecosystem in Saudi Arabia; increase public education and outreach activities on the topic of cell-based meat; conduct “extensive” consumer research; and engage with regulatory agencies to enable the approval and sale of the novel foods.
This partnership followed Neom Food’s $20 million investment in BlueNalu, as part of its Series B financing round announced last month. The funding is set to enable the next stage of BlueNalu's growth and its continued progress toward scaling and commercialising healthy and sustainable seafood around the globe.
Majid Mufti, CEO of Neom Food, said: "Our investment in BlueNalu goes beyond mere financial backing; it marks a pivotal moment in our commitment to fostering sustainable regenerative aquaculture and resilient food ecosystems. By aligning Neom Food with BlueNalu's trailblazing approach, we're not just envisioning a sustainable future – we're investing in the transformative technologies that make it achievable.”
Juan Motamayor, executive director of Neom Food, commented: "Neom is committed to building a resilient future, and our partnership with BlueNalu aligns perfectly with our goals. In BlueNalu, we have found the perfect nexus of visionary leadership, groundbreaking technology, and a holistic approach to product innovation. We look forward to working with them to shape a more sustainable and resilient food ecosystem."
Lou Cooperhouse, founder, president and CEO of BlueNalu, added: "This collaboration with Neom is a monumental step towards creating a more secure and accessible supply of seafood in Saudi Arabia. By combining our global expertise in cell-cultured seafood and the tremendous number of strategic partnerships we've developed to date at BlueNalu, together with Neom's extraordinary vision and resources, we can accelerate the development of innovative, renewable food solutions via cell-cultured seafood."
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