Finless Foods, which claims to have been the first cell-cultured seafood producer and the first to serve cell-cultured fish in the US, has closed a $34M Series B round, bringing its total raise to $48M. The company states the fresh funds will be used to launch plant-based tuna nationally into US foodservice.
In addition, the funding will allow Finless Foods to explore international distribution in Asia; expand its plant-based seafood portfolio; expand the team; gain regulatory approval for its cell-cultured bluefin tuna; and “lead the industry in reducing the price of cell-cultured bluefin tuna to reach price parity with its conventional equivalent.”
The Emeryville California company announced the development of its plant-based tuna in June 2021, stating: “In our pursuit of cell-cultured tuna, plant ingredients play a key role in the development of the product. During our process, we developed a plant-based tuna product that is so good, we decided to bring it to market first.”
The round was led by led by Hanwha Solutions with additional investors including Japanese seafood company Dainichi Corp, At One Ventures, Olive Tree Capital, Justin Kan, Humboldt, Gaingels, Draper Associates, Sustainable Ocean Alliance and SOSV.
First-of-its-kind Impact Board
Finless Foods’ Impact Board includes: Mike Sutton, who helped create the Marine Stewardship Council and has spent over 30 years working to foster the sustainable seafood movement; Dick Jones, who is a seafood industry veteran and oversaw seafood operations at Whole Foods Market and HEB Grocery; and Jack Kittinger, who currently leads Conservation International’s Global Fisheries and Aquaculture Program and is a Professor of Practice at Arizona State University’s Global Futures Laboratory and School of Sustainability.
“I am excited to swiftly follow up last year’s funding round with our Series B to finalize 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,” said Michael Selden, CEO and co-founder of Finless Foods. “We are also gearing up to launch our plant-based tuna into foodservice nationally this year, which will drive revenue into the company, a key milestone for Finless and the industry.”
“Given the climate change facing our planet, we believe cellular agriculture will become the future of food production. For that, we are thrilled to embark on the journey together with Finless,” commented Hanwha Solutions’ spokesperson. “With its bold vision and innovative technology, we are confident that our partnership with Finless will accelerate the food revolution and provide a better future for humanity.”
