A Saudi Arabian prince who is a strong advocate for veganism is investing in a lab-grown seafood company.
Prince Khaled bin Alwaleed Al Saud’s firm, KBW Ventures, announced it will be investing in BlueNalu, which is working to produce lab-grown mahi mahi fish and bluefin tuna, among other offerings.
It is the fourth lab-grown meat producer that KBW has invested in so far.
“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,” said Prince Khaled.
BlueNalu aims to tackle the problem of the world’s seafood supply being under pressure by overfishing.
We're excited to bring you a wide variety of cell-based seafood products from this pilot production facility over the years, starting with mahi mahi later this year and followed by the launch of a premium bluefin tuna thereafter. Join us on our mission to #EatBlue. 🐟 🌎— BlueNalu (@BlueNaluInc) January 19, 2021
“The global market for seafood is highly vulnerable today and is valued at an estimated $200 billion. With strong investor support, our innovative and visionary management team demonstrates a clear value proposition, technology, IP, and a comprehensive regulatory strategy, all of which provide a solid foundation as we move closer to our in-market launch,” said Amir Feder, BlueNalu’s CFO.
BlueNalu also secured $60 million in debt financing from new and existing investors in a move it calls the biggest-ever financing in cell-based seafood.
The money will be used, it says, to open a nearly 40,000 square foot pilot production facility, secure FDA regulatory approval, and initiate marketplace testing.
The company began operations in 2018 and is based in San Diego, California.