Prince Khaled’s KBW Ventures joins $60m financing round for cell-based seafood company
- Date: 20-Jan-2021
- Source: Gulf Business
- Sector:Financial Services
- Country:Saudi Arabia
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