Prince Khaled’s KBW Ventures joins $60m financing round for cell-based seafood company

KBW Ventures, led by Prince Khaled bin Alwaleed, has joined other investors in a $60m debt financing deal for BlueNalu, a food company that specialises in producing seafood products from fish cells.

This marks the largest financing to date in the cell-based seafood industry worldwide. Previously, BlueNalu announced the completion of its Series A round of $20m in early 2020, and its Series Seed round of $4.5m in early 2018.

Rage Capital led the $60m convertible note financing, with other significant participants including Agronomics, Lewis & Clark AgriFood, McWin, and Siddhi Capital.

BlueNalu will use the financing to, among others, open a nearly 40,000 square foot pilot production facility, complete FDA regulatory review for its first products, and initiate marketplace testing in a variety of food service establishments throughout the United States.

“We have increased our stake in BlueNalu by investing for the second time,” said Prince Khaled. “Our commitment to inject further capital is based on the company’s impressive forward roadmap, detailing a clear path to ramping up production and bringing its first product to market. KBW Ventures is pleased to play a role in the largest financing ever for a cell-based seafood company, aligning ourselves with mission-driven businesses that seek to solve the world’s food security issues sustainably.”

Read: Prince Khaled’s KBW Ventures joins $6.2m funding round for US biotech startup

BlueNalu plans to introduce a wide variety of cell-based seafood products from its pilot production facility in San Diego. The company anticipates starting with the launch of mahi mahi later this year, followed by the launch of a premium bluefin tuna thereafter.

BlueNalu is currently establishing joint venture partnerships within key markets where it will operate. These partnerships are expected to enable the company to navigate regulatory pathways, lower the cost of goods, introduce new species and new product forms, and inform their global market strategy. Previously, BlueNalu announced five global strategic investment partners: Nutreco, based in the Netherlands; Pulmuone, based in South Korea; Sumitomo, based in Japan; and Griffith Foods and Rich Products Corporation, based in the U.S.

“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,” stated Lou Cooperhouse, BlueNalu’s president and CEO. “This recent round of funding will allow us to continue advancing our mission and the next phase of our commercialisation plans, while we continue to develop strategic partnerships that we expect will provide us with global market reach during the coming years.”