California-based Finless Foods has secured $34 million in its Series B fund raise, and now has its sights set on building a pilot facility that will produce cell-cultured bluefin tuna.
The company has now raised $48 million since 2017, with the most recent investment led by Hanwha Solutions. Additional investors include Japanese seafood company Dainichi Corp, At One Ventures, Olive Tree Capital, Justin Kan, Sustainable Ocean Alliance and SOSV.
Co-founder of Finless Foods, Michael Selden, said “I am excited to follow up last year’s funding round with our Series B to finalise the construction of a pilot facility where Finless will produce its first saleable cell-cultured bluefin tuna for market, due to open in the Bay Area this year.
The company is also preparing to launch its plant-based tuna into foodservice across the US this year.
According to a company statement, the latest funds will be used to:
• Explore distribution in Asia and expand Finless’ plant-based seafood portfolio
• Expand Finless’ team, deepening the technical research and development staff
• Gain regulatory approval for Finless’ cell-cultured bluefin tuna
• Work towards reducing the price of cell-cultured bluefin tuna to reach price parity with its conventional equivalent.