Prince Khaled’s KBW Ventures joins $60m financing round for cell-based seafood company

Prince Khaled’s KBW Ventures joins $60m financing round for cell-based seafood company

KBW Ventures, led by Prince Khaled bin Alwaleed, has joined other investors in a $60m debt financing deal for BlueNalu, a food company that specialises in producing seafood products from fish cells.

This marks the largest financing to date in the cell-based seafood industry worldwide. Previously, BlueNalu announced the completion of its Series A round of $20m in early 2020, and its Series Seed round of $4.5m in early 2018.

Rage Capital led the $60m convertible note financing, with other significant participants including Agronomics, Lewis & Clark AgriFood, McWin, and Siddhi Capital.

BlueNalu will use the financing to, among others, open a nearly 40,000 square foot pilot production facility, complete FDA regulatory review for its first products, and initiate marketplace testing in a variety of food service establishments throughout the United States.

"We have increased our stake in BlueNalu by investing for the second time,“ said Prince Khaled. "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