BlueNalu nets US$11 million to move cultivated bluefin toro closer to market

BlueNalu has secured approximately US$11 million in cash and stock proceeds through new convertible note and preferred stock financings as the company continued preparations for the commercialization of its cell-cultivated bluefin tuna toro. The San Diego-based cultivated seafood company confirmed that the financings were led by existing investors Agronomics, Siddhi Capital, and Lewis & Clark AgriFood, with participation from around 40 other current backers.

The company reported that the funding round was entirely insider-led, reflecting renewed participation from its existing investor base rather than the addition of new financial backers. BlueNalu described the financing as supporting its next phase of scale-up, regulatory engagement, and market preparation ahead of an anticipated launch into premium foodservice channels.

The financing combined convertible notes and preferred stock, with proceeds consisting of both cash investment and stock-based consideration. BlueNalu did not disclose the valuation attached to the preferred shares or the proportion of cash versus non-cash proceeds, but said the structure reflected continued backing from its existing investor base rather than a new priced equity round.

Steven Finn, Managing Partner at Siddhi Capital and a board member at BlueNalu, said the company’s strategy had differentiated it within the cultivated protein sector. “BlueNalu stands out in the cultivated protein space for its disciplined, differentiated approach and clear focus on premium foodservice demand,” Finn said. “The company has built a strong foundation around culinary quality and market relevance as it prepares for initial commercialization.”

According to BlueNalu, proceeds from the financings were expected to support the planned introduction of cultivated bluefin tuna toro, subject to regulatory approval. The company said it was targeting selected premium sushi and fine-dining establishments across the United States for its initial market entry and was working with chefs, distributors, and strategic partners to provide a consistent, high-quality product with year-round availability.

The company also indicated that the capital would be directed toward scale-up and manufacturing readiness, including further process optimization and preparation for its next-generation production facility. BlueNalu said the facility had been designed to support meaningful commercial production volumes, although it did not disclose timelines or capacity figures.

Dave Taiclet, Managing Partner at Lewis & Clark Partners and a board member at BlueNalu, said the company had continued to make technical progress while maintaining focus on cost reduction and regulatory engagement. “As an industry, cultivated protein has struggled to find its footing, while BlueNalu has clearly differentiated itself,” Taiclet said. “The company continues to stay focused on making impressive technological progress and significantly reducing the cost to scale into a commercially viable platform.”

Taiclet added that BlueNalu had progressed with regulatory engagement and strategic partnerships. “BlueNalu continues to progress with regulatory engagement and strategic partnerships, positioning the company to drive meaningful impact, commercial viability and business success,” he said.

Beyond the USA, BlueNalu reported that it planned to deepen regulatory engagement in several international markets, including Singapore, Saudi Arabia, Japan, Korea, the UK, and the European Union. The company said it was pursuing these efforts alongside expanded collaborations with culinary and distribution partners to support a broader international rollout over time.

Renewed participation in the financings also included long-standing strategic partners Griffith Foods, Pulmuone, and Rich Products Corporation. BlueNalu said their continued involvement reflected alignment around its premium product strategy, technology platform, and longer-term ambitions for global scale.

Lou Cooperhouse, Founder, President, and CEO of BlueNalu, said the financing would enable the company to advance its commercialization plans. “We greatly appreciate the strong support from our prior investors and our global strategic partners as we advance towards commercialization,” Cooperhouse said. “This financing will enable us to move forward with our planned introduction of cultivated bluefin tuna toro, followed by commercialization activities to expand our production and distribution capabilities to premium foodservice operators, initially in the United States and ultimately in markets worldwide.”

Founded in 2018, BlueNalu focused on developing cell-cultivated seafood products derived directly from fish cells, with an emphasis on fine-dining and foodservice applications. The company said it aimed to deliver seafood products with consistent quality, taste, and health attributes while supporting a more resilient global seafood supply chain and reducing pressure on wild fish populations.