|26 February, 2020

Saudi's KBW Ventures funds US seafood startup's Series A

Company joins BlueNalu's $20mln Series A funding round

HRH Prince Khaled bin Alwaleed bin Talal Al Saud, founder and CEO, KBW Ventures. Image for illustrative purposes only.

HRH Prince Khaled bin Alwaleed bin Talal Al Saud, founder and CEO, KBW Ventures. Image for illustrative purposes only.

KBW Ventures / Handout via Zawya

KBW Ventures, the venture capital (VC) firm owned by Prince Khaled bin Alwaleed bin Talal Al Saud, said on Wednesday that it participated in the Series A funding round of BlueNalu, a San Diego-based cell-based seafood company.

The Saudi VC is a new investor in the company, which has developed a technology for producing seafood directly from fish cells.

This is the fourth cellular startup that KBW Ventures has invested in following Singapore’s TurtleTree Labs, clean meat company Memphis Meats and clean meat pet-food focused Bond Pet Foods, the company confirmed in an emailed statement to Zawya.

BlueNalu raised $20 million in the Series A round, which was co-led by Stray Dog Capital, CPT Capital, New Crop Capital, and Clear Current Capital, according to a press statement from KBW.

The statement said the financing will enable BlueNalu to develop a good manufacturing practices (GMP) pilot production facility in San Diego, expand its team, implement strategic alliances for global operations and distribution, and prepare for its market launch.

It said the company also received funding from five strategic investors, including Griffith Foods, Nutreco, Pulmuone, Rich Product Ventures, and Sumitomo Corporation of Americas.

(Writing by Anoop Menon; editing by Seban Scaria)

anoop.menon@refinitiv.com 

#Saudi #KBW Ventures #funding #investment 

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