BLUU Seafood recently secured a promising Series A funding round, led by Sparkfood, a subsidiary of Sonae, and LBBW VC. Joining them were esteemed participants including SeaX Ventures and other notable VCs such as Manta Ray Ventures, Norrsken VC, Delivery Hero Ventures, Innovationsstarter Fonds Hamburg GmbH, and Dr. Oetker.
Since the company’s inception three years ago, BLUU Seafood has successfully raised over EUR 23 million. This fresh investment will significantly bolster BLUU Seafood’s primary focus, which involves obtaining regulatory approval for its initial product offerings, expanding research endeavors, and initiating pilot production. The company’s primary attention will be directed towards hybrid products like fish balls and fish fingers, made from cultivated fish cells. Plans for market entry in Singapore are underway, as the company aims to gain approval from regulators by 2024, following the successful introduction of cultivated chicken sales in 2020.
BLUU Seafood, headquartered in Berlin, has developed fish fingers and fish balls that boast cultivated fish cells as their main components. Plant proteins have been incorporated to enhance cooking characteristics and mouthfeel. Moreover, BLUU Seafood has also crafted prototypes of more intricate products, including fillets and sashimi. The company’s creation process relies on animal serum-free growth media and is based on exclusive, non-GMO trout and salmon cell lines.
Combining cell and food technology, BLUU Seafood strives to produce a diverse array of sustainable and delectable seafood products directly from animal cells. This innovative approach ensures animal welfare is safeguarded while leaving a significantly smaller environmental footprint compared to traditional fishing methods. Initially, the company intends to collaborate with B2B partners, primarily targeting high-end restaurants and food services.
The US market is also on the verge of introducing cultivated meat and fish following recent approvals from the USDA and FDA for companies like GOOD Meat and UPSIDE Foods. Officially sanctioned for sale, this development paves the way for BLUU Seafood to embark on the approval process with the FDA. Additionally, the company has set its sights on Europe as it prepares to commence construction of its pilot production plant, expected to be completed by autumn this year. This advancement will enable BLUU Seafood to transition from laboratory-scale production to larger fermenters, with capacities reaching up to 500 litres.
Dr. Sebastian Rakers, Co-Founder and CEO of BLUU Seafood, expressed his elation, stating, “Our highly successful Series-A funding round not only signifies the vast future potential of cultivated fish as a platform technology for sustainable animal protein but also highlights our exceptional scientific progress and the remarkable achievements of the BLUU Seafood team. With the support of our robust international investor base, we are poised to embark on the next stage of development and introduce our premier products to the market.”
Simon Fabich, Co-Founder of BLUU Seafood, echoed this sentiment, asserting, “The market is experiencing unprecedented momentum, exemplified by recent regulatory approvals for cultivated food in the US. The imminent launch of the initial cultivated products in the American market fuels my excitement. Our vision is materializing, and forward-thinking investors are increasingly recognizing this fact, leading to a substantial influx of capital. As a European player, BLUU Seafood will continue securing funds and actively contribute to this revolutionary industry.”
