BlueNalu, a cellular agriculture company headquartered in the United States, secured $33.5 million in funding through a Series B financing round, attracting support from both new and existing investors.
The firm, which is dedicated to becoming the foremost global player in cell-based seafood production, has emphasized that the funding secured through this Series B round will fuel its next phase of expansion and accelerate the journey toward the widespread production and distribution of sustainable seafood on a global scale.
Following regulatory approval, BlueNalu plans to launch its first commercial product, the premium bluefin tuna toro. The toro portion of bluefin tuna is highly sought after in Asia, where over 80% of the estimated global supply is consumed.
BlueNalu highlights that at present, bluefin tuna is only accessible in extremely limited quantities, exhibits significant variability in terms of quality and sensory characteristics, and confronts substantial challenges such as declining fish stocks stemming from issues like overfishing and illicit, unregulated, and unreported fishing practices.
Aside from securing additional capital this month, the cellular agriculture seafood company also unveiled its intentions to broaden and strengthen its strategic collaborations with three major multinational players in the seafood industry headquartered in the Asia-Pacific (APAC) region.
These partnerships are poised to aid BlueNalu in its scheduled rollout of cell-based seafood across several APAC countries in the upcoming years. This support will encompass activities such as gaining market insights, comprehending regulatory prerequisites, and formulating effective go-to-market strategies.
The extended partnerships involve Memoranda of Understanding (MOUs) with prominent seafood industry players: Mitsubishi in Japan, Pulmuone in South Korea, and Thai Union in Thailand. These companies have established themselves as influential figures in the global seafood sector.
Lou Cooperhouse, president and CEO of BlueNalu, said, “We are honoured to deepen our collaborations with Mitsubishi, Pulmuone and Thai Union, visionary partners who share our commitment to driving innovation and shaping the future of the seafood industry. These extended partnerships in the APAC region underscore our dedication to working collaboratively with local experts in each region that we target, and our ultimate goal to provide our customers with healthy and trusted seafood options that have superior product benefits and align with evolving market conditions.”
The reaffirmed partnerships, which were initiated with Pulmuone in 2020 and with Mitsubishi and Thai Union in 2021, demonstrate a mutual dedication to advancing the commercialization of cell-based seafood in Asia and a joint commitment to sustainable seafood solutions aimed at addressing the growing demand for such products.