Finless Foods raises $34 million

“I am excited to quickly follow through on last year’s funding round with our Series B to finalize the construction of a pilot facility where Finless will produce its first marketable cell culture bluefin tuna, which is expected to open in the Bay Area. this year,” said Michael Selden, CEO and co-founder of endless foodin a press release.

“We are also preparing to launch our Plant-Based Tuna into foodservice nationwide this year, which will generate revenue for the business, a key milestone for Finless and the industry,” he said. added.

The company says it aims to use the investment to:

  • Launch its plant-based tuna nationally in foodservice, explore international distribution in Asia, and expand its plant-based seafood portfolio.
  • Expand its team, deepen the technical research and development personnel, and further strengthen the business capacity to develop the company from R&D to a food business.
  • Obtain regulatory approval for its cell cultured bluefin tuna, allowing it to be sold and consumed.
  • Lead the industry in reducing the price of cell cultured bluefin tuna to achieve price parity with its conventional equivalent.

The funding round was led by Hanwha Solutions and brings the startup’s total raised to nearly $48 million since 2017. Other investors include Japanese seafood company Dainichi Corp, At One Ventures, Olive Tree Capital, Justin Kan, Humboldt, Gaingels, Draper Associates , Sustainable Ocean Alliance and SOSV.

After learning of the increasing pressure on the ocean and global fisheries, particularly on key species of concern like bluefin tuna, Selden and Brian Wyrwas founded the company around a single guiding mission: to create a future for seafood where the ocean thrives. .

“We instinctively identified bluefin tuna as Finless’ first species of interest and priority, both for its conservation opportunity and its business strategy,” Selden explained.

To ensure that we are informed by the expertise, Finless has created an “impact table”. This currently includes: Mike Sutton, who helped create the Marine Stewardship Council; Dick Jones, who oversaw seafood operations at Whole Foods Market and HEB Grocery; and Jack Kittinger, who currently leads Conservation International’s global fisheries and aquaculture program.

“Given the climate change that our planet is facing, we believe that cellular agriculture will become the future of food production. For this, we are excited to embark on the adventure with Finless,” said a holder. Hanwha Solutions says, “With its bold vision and innovative technology, we are confident that our partnership with Finless will accelerate the food revolution and deliver a better future for humanity.”

*Finless Foods is part of Hatch’s investment portfolio, but The Fish Site retains editorial independence.

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