San Diego-based food startup, BlueNalu, announced it has raised USD60 million in debt financing from investors for a possible market launch this year.
According to Lou Cooperhouse, BlueNalu’s president and CEO, this recent financing will allow them to continue advancing their mission and the next phase of their commercialisation plans, He also commented that they will continue to develop strategic partnerships which will give them global market reach during coming years.
The food startup intends the funds be used to finalise its Food and Drug Administration regulatory review for its first products, and begin testing its cell-based products in a variety of food service establishments across the US. However, BlueNalu did not reveal the names of any food service partners.
Cell-based, or cultured, seafood is the product that is created from cell cultures which is extracting cells from fish and growing samples in large bioreactors.
BlueNalu plans to introduce their first cultured seafood product mahi mahi, followed by the launch of bluefin tuna thereafter.
Rage Capital led the funding round together with Agronomics, Lewis&Clark AgriFood, McWin, KBW Ventures and Siddhi Capital as other significant participants.
Late last year, Eat Just, the US-based company’s lab-grown chicken became the first lab-grown meat to successfully receive regulatory approval to sell their product in Singapore. The company intends to obtain approval from other countries including the US to sell its products.