BlueNalu, a food company producing seafood directly from fish cells, has announced the successful completion of its $20 million Series A round of funding.
This financing will enable BlueNalu to develop a good manufacturing practices (GMP) pilot production facility in San Diego, expand its world-class team, implement strategic alliances for global operations and distribution, and prepare for its market launch.
The Series A round is co-led by Stray Dog Capital, CPT Capital, New Crop Capital, and Clear Current Capital, each of which participated in BlueNalu’s seed round. BlueNalu secured $4.5 million in 2018 and has attracted investors from 11 nations to date demonstrating global interest in the disruptive potential for the company. These investors originate from Brazil, Hong Kong, Israel, Japan, Luxembourg, Netherlands, Saudi Arabia, South Korea, Sweden, United Kingdom and the United States.
BlueNalu’s A round attracted a significant number of strategic investors that provide a broad range of expertise and infrastructure in supply chain, operations, sales, marketing and distribution. The strategic investors include global supply chain leaders that will provide guidance and raw material expertise to BlueNalu.
These include Nutreco, a global leader in animal nutrition and aquafeed, and Griffith Foods, a global product development partner to the food industry, with expertise in market insights, food science, culinary and sensory optimization.
Strategic investors also include organizations with expertise in operations, sales, and distribution, including: Pulmuone, a leader in healthy lifestyle and sustainable food products with distribution in Asia and North America; Sumitomo Corporation of Americas, a global investor and supplier of goods and services, including foods; Rich Products Ventures, the Corporate Venture arm of Rich Products Corporation, a leading multinational supplier of icings, cakes, pizza, desserts, appetizers and various bakery products, and which has a growing line of brands in the value-added seafood category.