US-based cell-cultured seafood provider Finless Foods completed a $34m series B round led by chemicals producer Hanwha Solutions on Monday, taking its total funding to almost $48m.
Aquaculture feed producer Dainichi Corporation also took part in the round, alongside Olive Tree Capital, At One Ventures, Humboldt Fund, Gaingels, Draper Associates, SOSV, Sustainable Ocean Alliance and private investor Justin Kan.
Founded in 2016, Finless produces plant-based seafood alternatives and cell-cultured seafood products. It will use the series B proceeds to launch its plant-based tuna product nationally across the US and obtain regulatory approval for its cell-cultured bluefin tuna.
The company also plans to expand its seafood portfolio, grow its research and development capabilities and expand its team.
Finless chief executive Michael Selden said: “I am excited to swiftly 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 round comes on the heels of another cell-cultivated fish producer, salmon-focused Wildtype, raising $100m in a series B round backed by agribusiness Cargill last month.
Cultured seafood producer BlueNalu had received $60m in convertible debt in January 2021 from investors including food ingredient supplier Rich Products and seafood product manufacturer Thai Union.
Photo courtesy of Finless Foods, Inc.
