BLUU seafood raises EUR 16 million in series A funding to propel cultivated fish production
BLUU Seafood, the leading European food biotech company specialising in cultivated fish, has successfully closed its series A funding round, securing EUR 16 million.
The German start-up aims to utilise this capital to further advance its groundbreaking technology and prepare for the market launch of its first products. Unlike traditional fish production methods, BLUU Seafood’s approach allows for the production of real animal protein without the need to kill the fish.
Strong investor support in series A funding round
The series A funding was led by Sparkfood, a subsidiary of Sonae, and LBBW VC. Sparkfood, known for its investments in innovative food companies across Europe, complements the outstanding international food and impact investors already backing BLUU Seafood. Notable participants in the funding round included SeaX Ventures from Asia and renowned venture capital firms such as Manta Ray Ventures, Norrsken VC, Delivery Hero, Innovationsstarter Fonds Hamburg GmbH, and Dr. Oetker. With this funding round, BLUU Seafood has raised over EUR 23 million total since its inception three years ago.
Focus on regulatory approval and expansion
With the newly acquired funds, BLUU Seafood will primarily concentrate on obtaining regulatory approval for its first products, expanding research efforts and initiating pilot production. The company’s initial focus will be on hybrid products like fish balls and fish fingers, which are made from cultivated fish cells and were successfully showcased in the summer of 2022. Singapore has been chosen as the ideal market for BLUU Seafood’s entry, considering that regulators in the country already approved the sale of cultivated chicken in 2020. BLUU Seafood expects to receive approval for its cultivated fish products by 2024.
International developments and scaling up production
Following recent approvals from the USDA and FDA for cultivated protein start-ups in the United States, the market for cultivated meat and fish is set to launch. BLUU Seafood has initiated the approval process with the FDA, and Europe is expected to follow suit. Currently, the company is preparing to open its pilot production plant, with construction set to be completed by the fall of this year. This significant milestone will enable BLUU Seafood to transition from lab-scale production to larger fermenters capable of producing up to 500 liters.
Founders’ vision and investor support for a sustainable future
Dr. Sebastian Rakers, Co-Founder and CEO of BLUU Seafood, expressed the company’s excitement about the series A funding, highlighting the immense potential of cultivated fish as a sustainable animal protein source. Simon Fabich, Co-Founder of BLUU Seafood, emphasised the market’s momentum, citing recent regulatory approvals as a clear sign that their vision is becoming a reality. Investors such as Sparkfood and LBBW VC recognise the importance of disruptive technologies and are proud to support BLUU Seafood in its journey towards a sustainable future.
BLUU Seafood’s successful series A funding marks a significant milestone in the company’s pursuit of revolutionising fish production. With EUR 16 million secured, BLUU Seafood is poised to advance its technology, secure regulatory approvals and lead the way in ethical and sustainable seafood production. The strong investor support and partnerships underline the confidence in BLUU Seafood’s mission, making it a key player in the global shift towards more sustainable food alternatives.
Top image source: Anna Brauns, BLUU GmbH