BlueNalu cell-based seafood being prepared by a chef. Photo: BlueNalu.

$5m cash boost for US maker of cell-based seafood

Cellular agriculture investor Agronomics today announced completion of a $5 million (£3.8m) investment in cell-based seafood company BlueNalu, Inc.

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In return, Agronomics will get discounted shares if and when San Diego-based BlueNalu carries out a fundraise of $50m or more.

Agronomics already owns 192,005 shares in BlueNalu and will own 5.85% equity following a fundraise.

BlueNalu began its operations in 2018 and now has a team of 31 employees in areas that include food innovation, cell biology, technology commercialisation, intellectual property, finance, tissue engineering, large-scape biopharma processing, and quality assurance, with a strong commitment to corporate development and strategic partnerships, Agronomics said in a press release.

Sustainable solution

“Agronomics is delighted to be continuing its support for BlueNalu in their work on providing a sustainable solution to meeting the world’s seafood demand,” said Jim Mellon, a non-executive director of the investment company.

Lou Cooperhouse, co-founder, chief executive and president of BlueNalu, said: “We are extremely thankful to the team at Agronomics for their continued support, and we are pleased to welcome Jim Mellon as an observer to our board of directors.

“Agronomics has participated in each of our financing rounds thus far and has a keen understanding regarding the role that cell-based seafood can play in the global supply chain.”