August 18, 2018

US firm BluNalu to launch 'cellular aquaculture' with $4.5M seed funding

 

Just two months after it launched its business operations, Blue Nalu, a US-based pioneer in "cellular aquaculture", announced on Wednesday, August 15, the closing of a $4.5-million seed round, with New Crop Capital serving as lead investor.

New Crop Capital was joined by a diverse coalition of 25 venture organisations and individuals from the US, UK, Hong Kong, Israel and Luxembourg.  

Chris Kerr, chief investment officer at New Crop Capital, said, "This is the largest seed round to date in this category, and one of the largest that has occurred globally in the entire 'clean meat' space".

BlueNalu President and CEO Lou Cooperhouse said, "This level of funding will allow us to aggressively develop our technology platform and the commercialisation strategy required for product manufacture".

BlueNalu's cellular aquaculture process seeks to provide an alternative to current industry practices - in which fish are farmed or wild-caught—by ultimately producing real seafood products directly from fish cells, "in a way that is healthy for people, humane for animals, and sustainable for our planet".

"It's time to rethink seafood and how we can sustainably feed our global population in the decades ahead," said Cooperhouse.

Kerr added, "We are very excited at the market potential for BlueNalu and their ability to offer consumers an alternative to conventional animal sources that today originate only in our oceans and seas". 

Cooperhouse expressed her gratitude for the "tremendous interest in BlueNalu from both the financial and mission-driven venture community".

She added that the company will also implement strategic partnerships that will enable it to ultimately reach its target customers with "a line of great-tasting, distinctive and cost-effective seafood products for global distribution".