US cell-cultured seafood company Finless Foods has closed its Series B funding, achieving a total $34 million – led by Hanwha Solutions, bringing the total raised by the business to nearly $48 million since 2017.
Other investors included Japanese seafood company Dainichi Corp, At One Ventures, Olive Tree Capital, Justin Kan, Humboldt, Gaingels, Draper Associates, Sustainable Ocean Alliance and SOSV.
“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,” Michael Selden, CEO and co-founder of Finless Foods, said.
“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.”
Finless Foods advised that the investment will be used to ramp up its strategic growth period to:
- Launch plant-based tuna nationally into foodservice in the US, explore international distribution in Asia and expand its plant-based seafood portfolio
- Expand Finless’ team, deepening the technical research and development staff and further building out the business capabilities to grow the company from R&D to a food company
- Gain regulatory approval for Finless’ cell-cultured bluefin tuna, enabling it to be sold and consumed
- Lead the industry in reducing the price of cell-cultured bluefin tuna to reach price parity with its conventional equivalent
Commenting on Hanwha Solutions’ investment, a company spokesperson said, “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. 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.”
At One Ventures Managing Partner, Tom Chi, said, “As Finless launches its first products, we are proud of their substantial technical and business progress, and look forward to a world where tuna populations can recover worldwide.
“At One is happy to partner with Hanwha on the next stage of Finless’ growth. Together we look forward to working with Finless to secure distribution around the world.”
Finless co-founders, Selden and Brian Wyrwas, founded the company around a guiding mission to create a future for seafood where the ocean thrives.
“We instinctively identified bluefin tuna as Finless’ first species of focus and priority, both for its conservation opportunity and business strategy,” Selden said.
