Bluu Seafood, a Germany-based start-up specializing in lab-grown fish, has raised €16m ($17.47m) in Series A funding with the objective of launching its products in Singapore by 2024. Since its establishment in 2020, the food bio-tech company has successfully secured over €23m in funding.
The funding round was spearheaded by Sparkfood, an investment fund, and LBBW VC, a venture capital firm. Notable support also came from German food group Dr. Oetker, among other investors. Dr. Oetker’s specific investment details in the start-up have yet to be disclosed.
Bluu intends to utilize the raised capital to advance its technology platform and expand its cultivated fish production. The company’s unique approach focuses on developing hybrid products, such as fish balls and fish fingers, made by blending cultivated fish cells with plant-based proteins. Bluu first showcased these prototypes in 2022.
Furthermore, Bluu has applied for scientific approval to distribute its cultivated seafood products in both the United States and Singapore by 2024. Singapore has already granted approval for cultivated meat in 2020, with the United States following suit. The start-up is also in the process of constructing a pilot production plant, which is expected to be completed by the end of this year. The plant will enable Bluu to scale up production using larger fermenters.
Bluu’s ambitions extend beyond Singapore and the US. The company has initiated the approval process with the US Food and Drug Administration (FDA) and plans to enter the European market in the near future.
Bluu Co-founder and CEO, Sebastian Rakers, stated, “Our successful Series A demonstrates the enormous potential in cultivated fish as a platform technology for sustainable animal protein. It also underscores the significant scientific progress we have achieved at Bluu Seafood. With the support of our strong international investor base, we are ready to embark on the next stage of development and bring our first products to market.”
Last week, Upside Foods and Good Meat, two US brands offering cultivated chicken, received regulatory approval from the US Department of Agriculture (USDA). Following this trend, Bluu has now initiated the approval process with the FDA and remains optimistic about future opportunities in the European market.
