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BlueNalu plans to develop a high-quality manufacturing practices (GMP) pilot production center in San Diego, implement strategic alliances for global operations and distribution, expand its world-class team, and prepare for its market launch.
FREMONT, CA: BlueNalu, a California-based pioneering food company that produces seafood directly from fish cells, announced the completion of $20 Million funding in Series A. The round of funding was co-led by CPT Capital, New Crop Capital, Stray Dog Capital, and Clear Current Capital, each of which participated in BlueNalu's seed funding.
In 2018, the company raised $4.5 million. The disruptive potential of BlueNalu has attracted investors from 11 nations, including Luxembourg, Netherlands, Saudi Arabia, South Korea, Brazil, Hong Kong, Israel, Japan, the United Kingdom, and the United States. With the newly raised funds, BlueNalu plans to develop a high-quality manufacturing practices (GMP) pilot production center in San Diego, implement strategic alliances for global operations and distribution, expand its world-class team, and prepare for its market launch.
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"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. We are extremely thankful to the committed group of visionaries who participated in our earlier financing round and have invested again in this round; we are eager to form partnerships with these five strategic investors so that we can efficiently commercialize and launch our cell-based seafood products in nations around the world."
Investors of the Series A come from various fields that provide a wide array of expertise and infrastructure in the supply chain, marketing and distribution, operations, and sales. New investors in this round include KBW Ventures, led by His Royal Highness Prince Khaled bin Alwaleed bin Talal Al Saud. Among other strategic investors, global supply chain leaders will provide guidance and raw materials to BlueNalu. Investors like Nutreco and Griffith Foods will provide BlueNalu with expertise in market insights, food science, culinary, and sensory optimization. Strategic investors like Pulmuone and Sumitomo Corporation of Americas will provide their expertise in operations, sales, and distribution.
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