The most recent Collection A funding was led by Sparkfood, a subsidiary of Sonae, and by LBBW VC. Additional members within the spherical had been Asian investor SeaX Ventures and different VCs akin to Manta Ray Ventures, Norrsken VC, Supply Hero Ventures, Innovationsstarter Fonds Hamburg GmbH, and Dr. Oetker.
In whole, BLUU Seafood has raised greater than EUR 23 million since its founding three years in the past. With the contemporary cash, the corporate will focus totally on the regulatory approval of its first merchandise, along with increasing its analysis work and initiating pilot manufacturing. The primary focus can be on hybrid merchandise akin to fish balls and fish fingers made out of cultivated fish cells. The beginning-up plans its market entry in Singapore, the place the sale of cultivated hen has already been authorised by regulators in 2020, making it the best launch pad for BLUU’s cultivated fish, which the corporate expects to get authorised by 2024.
The Berlin-based start-up’s fish fingers and fish balls comprise cultivated fish cells as the principle ingredient. Plant proteins are added to optimize cooking behaviour and mouthfeel. Bluu Seafood has additionally developed first prototypes of extra complicated merchandise akin to fillets and sashimi. The corporate’s merchandise are made utilizing animal serum‐free development media and are primarily based on proprietary, non‐GMO trout and salmon cell traces.
Bluu Seafood says it goals to mix cell and meals know-how to develop quite a lot of sustainable, tasty seafood merchandise straight from animal cells with out compromising animal welfare and with a considerably smaller environmental footprint than standard fishing. Initially, the corporate will concentrate on B2B companions, probably high-end eating places, and meals companies.
Within the US, cultivated meat and fish are additionally about to be launched into the market after current USDA and FDA approvals for cultivated protein start-ups GOOD Meat and UPSIDE Meals. With the ultimate approval of the US Division of Agriculture granted just a few days in the past, the sale is now formally allowed. BLUU Seafood, too, has initiated the approval course of with the FDA.
The corporate hopes Europe would be the subsequent to comply with and is presently getting ready to open its pilot manufacturing plant with building work anticipated to be accomplished by autumn this 12 months. With this plant, BLUU Seafood will go away lab scale and attain one other essential milestone by scaling up manufacturing into bigger fermenters of as much as 500 litres.
Dr. Sebastian Rakers, Co-Founder and CEO of BLUU Seafood, stated: “On the one hand, our extremely profitable Collection-A demonstrates the big future potential that lies in cultivated fish as a platform know-how for sustainable animal protein. Then again, it additionally underlines the sturdy scientific growth that BLUU Seafood and our wonderful group have delivered up to now. Along with our sturdy, worldwide investor base, we will begin the subsequent stage of growth and produce our first merchandise to market.”
Simon Fabich, Co-Founding father of BLUU Seafood, added: “The momentum available in the market is big, exemplified by the current regulatory approvals for cultivated meals within the US. I’m very excited in regards to the upcoming launch of first cultivated merchandise into the American market. Our imaginative and prescient is changing into actuality. Increasingly more, forward-looking traders have come to appreciate this, and the move of capital will improve massively. BLUU Seafood, too, will proceed to boost funds and assist lead this revolution as a European participant.”