SAN DIEGO — BlueNalu, which produces seafood products directly from fish cells, on Jan. 19 announced it had closed on $60 million in debt financing from new and existing investors. San Diego-based BlueNalu previously completed a Series A round of $20 million in early 2020 and a Series Seed round of $4.5 million in early 2018.
BlueNalu will use the financing to open a nearly 40,000-square-foot pilot production facility, complete Food and Drug Administration regulatory review for its first products, and begin marketplace testing in a variety of US foodservice establishments. The company expects to launch mahi mahi later this year and then bluefin tuna.
“The team at BlueNalu is driven to produce cell-based seafood products that are healthy for consumers, humane for animals, sustainable for our planet, and provide increased food security to each nation in which we go to market,” said Lou Cooperhouse, president and chief executive officer. “This recent financing will allow us to continue advancing our mission and the next phase of our commercialization plans while we continue to develop strategic partnerships that we expect will provide us with global market reach during the coming years.”
Rage Capital led the $60 million convertible note financing. Other significant participants were Agronomics, Lewis & Clark AgriFood, McWin, and Siddhi Capital. BlueNalu, a business that launched in June 2018, is establishing joint venture partnerships to help the company navigate regulatory pathways, lower the cost of goods, introduce new species and product forms, and inform its global market strategy.