USA – On the heels of raising US$20 million in a Series A funding round earlier this year, BlueNalu, a California-based food startup producing seafood from fish cells, has secured an investment form Sumitomo Corporation of Americas (SCOA).
BlueNalu said that the financing will enable the company to develop a good manufacturing practices (GMP) pilot production facility in San Diego, expand its team, implement strategic alliances for global operations and distribution, and prepare for its market launch.
Headquartered in San Diego, the food tech startup is pioneering the category of “cellular aquaculture” in which living cells are isolated from fish tissue, placed into culture media for proliferation, and then assembled into fresh and frozen seafood products.
The company says that this method of production allows consumers to enjoy seafood products in a way that is healthy for people, humane for animals and sustainable for the planet.
BlueNalu, which began its operations in 2018, recently launched one of its first commercial products, yellowtail amberjack, a whole-muscle seafood product prepared with various cooking techniques.
Hideki Hijiya, General Manager of Food & Lifestyle Group at SCOA said that he believes BlueNalu’s technology will offer a sustainable and safe food solution to consumers especially with the increasing health awareness and emphasis on sustainability.
“We look forward to helping BlueNalu grow and achieve their production and distribution goals so they can bring this important resource to every corner of our planet,” Hideki said.
In February this year, BlueNala closed its Series A funding round at US$20 million. With the financing boost, SCOA joins Stray Dog Capital, CPT Capital, New Crop Capital, Clear Current Capital Griffith Foods, Nutreco, Pulmuone, Rich Product Ventures as investors in BlueNala.
BlueNalu has also announced a partnership with Dutch animal nutrition and aquafeed company, Nutreco intended to create a more stable and sustainable supply-chain solution as the global demand for seafood is continually increasing.