We are thrilled to participate in the most recent USD 60mn financing round of alternative protein leader BlueNalu, via AmRest founder and Ex-CEO Henry McGovern. The financing was led by Rage Capital and completed by other leading industry investors such as Agronomics, Lewis & Clark AgriFood, McWin and Siddhi Capital.
With 3 billion people dependent on seafood as a protein source alone today and global population set to increase to 9.9bn by 2050, one of the most pressing challenges we currently face is sustainable food security. BlueNalu is producing fully cultivated structured fish products from natural cells, currently targeting premium finfish products that are over-fished, and primarily imported such as Blue Fin Tuna and Mahi Mahi. Through this strategy BlueNalu is able to target premium seafood markets, while directly reducing dependency on our ocean’s natural resources.
Cell-cultured meat (also referred to as lab-grown or cell-based) is gaining in momentum for its potential to become a more sustainable, reliable alternative to traditional protein sources. In fact, cell-cultured meat is projected to beat out plant-based meat alternatives (think Beyond Meat & Impossible Foods) for market share, growing with a CAGR of 41% to reach USD 630bn by 2040. With the global seafood market worth an estimated USD 200bn, we see blue ocean opportunities for BlueNalu ahead and are excited to support them in their mission of creating great tasting, eco-friendly seafood.
This financing round will go towards the opening of a 40,000-square-foot pilot production facility in San Diego, the completion of FDA regulatory review for its first products, along with initial marketplace testing in food establishments throughout the USA. We are convinced that cell-based protein will completely disrupt the food industry, and that BlueNalu is well positioned to drive this sustainable market revolution.
BlueNalu’s mission is to develop great tasting, healthy, safe, and trusted cell-based seafood products that support the sustainability and diversity of our ocean. BlueNalu is aligned with the United Nations’ Sustainable Development Goals, a blueprint to achieve a better and more sustainable future for our planet. BlueNalu began its operations in 2018 and is based in San Diego, California.