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A New Era of Seafood is Getting Funded

October 20, 2023
x min read

Cultivated seafood might be just around the corner.

What’s happening:

  • California based cultivated fish startup BlueNalu has raised $33.5M in a new Series B financing
  • The new round included participation from notable investors including Jim Mellon’s Agronomics (LSE: ANIC)

The big idea:

  • BlueNalu is focused on producing cell cultivated bluefish tuna often referred to as ’toro'
  • Toro is being heavily depleted from the oceans and also varies wildly in quality due to it being consistently overfished
  • Through their development of new cell lines BlueNalu is aiming to produce cell cultivated toro that can be used for sushi, sashimi, nigiri and more

Why it matters:

  • Much of the venture capital funding for cell cultivated startups has been focused on steak, beef and meat products
  • Cell cultivated fish represents a unique opportunity due to the elimination of many fish species globally as a result of overfishing

Going deeper:

  • BlueNalu has numerous notable partnerships to enter into Asia with companies such as Mitsubishi, Pulmuone and Thai Union
  • They’ve also entered into a partnership with Japan's largest sushi restaurant chain Food & Life Companies

By the numbers:

  • Early projections that have been publicly released by BlueNalu claim that their bluefish tuna will be produced with a 75% gross margin upon beginning to operate their purpose built facility

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