By Gavin Gibbon
San Diego-based BlueNalu is a leading innovative food company producing seafood directly from fish cells
KBW Ventures, led by Saudi Prince Khaled bin Alwaleed bin Talal Al Saud, has invested in BlueNalu, a leading innovative food company producing seafood directly from fish cells, based in San Diego, California.
KBW Ventures is one of a number of companies who invested in a $20 million funding round, with Prince Khaled a well-known proponent of a vegan lifestyle.
The funding will enable BlueNalu to develop a good manufacturing practices (GMP) pilot production facility in San Diego, expand its world-class team, implement strategic alliances for global operations and distribution, and prepare for its market launch.
BlueNalu secured $4.5m in 2018 and has attracted investors from 11 nations to date.
“BlueNalu has made considerable progress toward bringing cell-based seafood products to the world,” said Lou Cooperhouse, president and CEO of BlueNalu.
“We have designed and executed a platform technology in which we will ultimately offer a broad array of sustainable cell-based seafood products to consumers, and our team has been extremely focused on implementing systems and processes that will be needed for cost-effective, large-scale production.”
In January, KBW Ventures invested in Memphis Meats, a US cell-based meat, poultry and seafood company.retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.