UAE-based KBW Ventures has increased its stake in US-based BlueNalu, participating in its newly-raised $60 million convertible note financing round. KBW Ventures previously invested in BlueNalu’s $20 million Series A round.

The fresh round was led by Rage Capital and included the participation of Agronomics, Lewis & Clark AgriFood, McWin, Siddhi Capital, Clear Current Capital, CPT Capital, Flat World Partners, Losa Group, OurCrowd, Silicon Valley Community Foundation, AiiM Partners and Stray Dog Ventures along with several strategic investors. It marks the largest financing to date in the cell-based seafood industry worldwide.

“We have increased our stake in BlueNalu by investing for the second time. Our commitment to inject further capital is based on the company’s impressive forward roadmap, detailing a clear path to ramping up production and bringing its first product to market. KBW Ventures is pleased to play a role in the largest financing ever for a cell-based seafood company, aligning ourselves with mission-driven businesses that seek to solve the world’s food security issues sustainably,” said Prince Khaled bin Alwaleed bin Talal Al Saud, founder and CEO of KBW Ventures.  

Established in 2018, BlueNalu has been on a mission to use fish cells to produce various seafood products. With the new capital injection, BlueNalu will be able to open a 40,000 square foot pilot production facility, complete Food and Drug Authority (FDA) regulatory review for its first products, and embark on a marketplace testing in a variety of foodservice establishments throughout the US.

BlueNalu plans to introduce a wide variety of cell-based seafood products from its pilot production facility in San Diego, starting with the launch of mahi mahi later this year, followed by the launch of a premium bluefin tuna thereafter.

“The global market for seafood is highly vulnerable today and is valued at an estimated $200 billion. With strong investor support, our innovative and visionary management team demonstrates a clear value proposition, technology, IP, and a comprehensive regulatory strategy, all of which provide a solid foundation as we move closer to our in-market launch,” said Amir Feder, BlueNalu’s chief financial officer (CFO).