The Saudi venture capital (VC) firm KBW Ventures has participated in the $60 million debt financing of US-based foodtech start-up BlueNalu, which produces seafood products directly from fish cells.
The financing is the biggest ever for a cell-based seafood company worldwide, KBW Ventures said in a statement.
KBW Ventures had participated in BlueNalu’s $20 million Series A in early 2020.
“We have increased our stake in BlueNalu by investing for the second time. 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,” said Prince Khaled bin Alwaleed bin Talal Al Saud, founder and CEO, KBW Ventures.
The financing is expected to enable BlueNalu to achieve significant milestones over the coming year, including opening a nearly 40,000 square feet pilot production facility in San Diego, completing FDA regulatory review for its first products, and initiating marketplace testing in a variety of foodservice establishments throughout the US.
The company anticipates starting with the launch of mahi mahi (a common dolphinfish) later this year, followed by the launch of a premium bluefin tuna thereafter, the statement noted.
The global market for seafood is valued at an estimated $200 billion.
Rage Capital led the $60 million convertible note financing with significant participation from Agronomics, Lewis & Clark AgriFood, McWin, and Siddhi Capital. Strategic investors include Radicle Growth, by way of the Radicle Protein Challenge by Syngenta; Rich Products Corporation; and Thai Union. A partial list of other investors includes: AiiM Partners, Clear Current Capital, CPT Capital, Flat World Partners Losa Group, OurCrowd, Silicon Valley Community Foundation, and Stray Dog Ventures.
(Writing by Anoop Menon; Editing by Seban Scaria)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021