Bluu Seafood Secures $17.5 Million in Funding to Commercialize Cultivated Fish Products
Bluu Seafood, the German company at the forefront of cultivated fish products, has successfully raised €16 million ($17.5 million) in a Series A funding round. The company, originally known as Bluu Biosciences when it was founded in Berlin in 2020, utilizes stem-cell technology to grow entire cell lines of fish species within a laboratory environment, starting from a one-time fish biopsy that does not harm or kill the fish.
In August of last year, Bluu Seafood unveiled its initial product offerings, which included fish sticks and fish balls made from cultivated fish cells enriched with plant proteins. This innovative process enhances the mouth-feel and cooking characteristics of the products, providing a more realistic seafood experience.
Bluu Seafood's mission aligns with the growing trend of biotech startups addressing the pressing issues in seafood production, such as overfishing, contamination, and animal welfare concerns. This movement extends beyond marine animals, with various companies securing significant venture capital funding to replicate a wide range of food items, from bacon to burgers and even chicken.
Having already raised €7.1 million in previous funding, Bluu Seafood's latest capital infusion of €16 million will support the company in obtaining regulatory approvals in different markets. Singapore, where cultured meat (chicken) is currently available for purchase, is a primary target for market entry. Additionally, Bluu Seafood has initiated the approval process with the Food and Drug Administration (FDA) and plans to expand into the European market.
The Series A funding round was led by Sparkfood, a subsidiary of Sonae, and LBBW VC, with participation from notable investors such as Delivery Hero, SeaX Ventures, Manta Ray Ventures, Norrsken VC, Hamburgische Investitions- und Förderbank, and Dr. Oetker.
Bluu Seafood's successful funding round not only strengthens its position as a leader in cultivated fish products but also highlights the confidence investors have in the company's vision and potential. With the capital secured, Bluu Seafood is well-equipped to pursue regulatory approvals and expand its market presence, with Singapore as the first target on its roadmap. As the global acceptance of lab-grown food products grows, Bluu Seafood's innovative approach to sustainable aquaculture has the potential to transform the seafood industry and pave the way for a more environmentally conscious and ethical future of food production.
