BlueNalu Valuation, Funding & Investors
BlueNalu is valued at $180M as of December 2025.
Last BlueNalu valuation
$180M
Undisclosed stage · Dec 2025
Last BlueNalu funding round
$8M
Undisclosed stage · Dec 2025
Cumulative funding BlueNalu raised
$192M
across 7 funding rounds
Key investors in BlueNalu
Agronomics
New Crop Capital
Beyond Impact
Bossa Invest
Tech Coast Angels
CPT Capital
About BlueNalu
BlueNalu is a cellular aquaculture company producing cultivated seafood. San Diego-headquartered, it grows cell-based fillets from bluefin tuna, mahi-mahi, and yellowtail snapper in bioreactor facilities. The products match conventional texture and nutrition without antibiotics or ocean harvest. BlueNalu supplies restaurants and retailers on the U.S. West Coast, scaling production toward commercial volumes by 2025.
Founded
2017
HQ
San Diego, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$180M (Dec 2025)
BlueNalu Valuation
BlueNalu is currently valued at $180M, based on its undisclosed-stage round in December 2025.
The $6M round was led by Agronomics.
BlueNalu's valuation has grown 7.8x from $23M at its seed round in August 2018 to $180M in December 2025, across 3 priced rounds.
BlueNalu valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Dec 2025 | Undisclosed stage | $180M |
| Jan 2021 | Undisclosed stage | $259M |
| Aug 2018 | Seed | $23M |
BlueNalu Funding History
BlueNalu has raised a total of $192M across 7 funding rounds.
BlueNalu's first fundraising round was a $5M seed round in August 2018. The most recent completed round was a $8M undisclosed-stage round in December 2025.
BlueNalu funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2025 | Undisclosed stage | Agronomics (lead); New Agrarian; Siddhi Capital; Lewis & Clark AgriFood | $8M | - | BlueNalu is a San Diego-based cell-cultivated seafood company developing cultivated bluefin tuna toro as a sustainable alternative to wild-caught seafood. The company raised approximately $8-11 million in a convertible promissory note and preferred stock financing round on December 29-30, 2025, led by Lewis & Clark AgriFood Fund II and Siddhi Capital, with participation from Agronomics ($600,000 in notes), New Agrarian ($600,000), and around 40 other existing investors. Agronomics increased its stake to approximately 12.96% on a fully diluted basis following the transaction. Proceeds will support regulatory engagement in the US and international markets, initial commercial launch with premium foodservice partners, process optimization, and manufacturing readiness for commercial production. BlueNalu plans to introduce cultivated bluefin tuna toro, leveraging its platform for whole-muscle products, with facilities including a core R&D hub, 38,000 sq. ft. pilot plant, and a planned 140,000 sq. ft. commercial facility for millions of pounds annually. Previously, the company raised $33.5 million in a Series B round in October 2023 and joined the US National Fisheries Institute in 2024. |
| Dec 2025 | Undisclosed stage | Agronomics (lead) | $6M | $180M | BlueNalu is a US-based producer of cultivated seafood, focusing on cell-based bluefin tuna toro and other whole-muscle products. The company advances commercialization through process optimization and preparation for a new production facility. In December 2025, BlueNalu completed an initial closing of a Convertible Promissory Note round raising approximately $8 million, led by Lewis & Clark AgriFood Fund II and Siddhi Capital, with participation from Agronomics ($600,000 in CPNs) and affiliates. Concurrently, Agronomics invested $6 million in preferred shares, bringing its total commitment to $6.6 million and increasing its fully diluted ownership to 12.96%. The December 30, 2025 financing, reported variably as $8-11 million including cash and stock proceeds from around 40 investors, supports market entry of cultivated bluefin tuna toro pending regulatory approval and scale-up activities. This follows a $33.5 million Series B in October 2023 and prior rounds totaling over $123 million. Forge Global records the 12/29/2025 Series 1 round at $6 million with a post-money valuation of $180.19 million. Agronomics' Chairman Jim Mellon noted the round reflects an updated valuation with downside protection via convertible notes. BlueNalu joined the US National Fisheries Institute in 2024, expanded partnership with Nomad Foods, and entered the UK Food Standards Agency’s novel foods sandbox. The funds enable introduction to premium foodservice operators in the US and global markets. |
| Oct 2023 | Series B | Bossa Invest | $34M | - | BlueNalu is a San Diego-based cellular aquaculture startup producing cultivated seafood, focusing on whole-muscle products like bluefin tuna toro. The company raised $33.5 million in a Series B round on October 9, 2023, from new and existing investors including NEOM and undisclosed investors. Prior funding included a $4.5 million seed in 2018, $20 million Series A in 2019, and $60 million convertible note in 2020-2021. Agronomics, a prior investor, converted its pre-Series B note into Series B shares and holds a 5.12% fully diluted equity stake post-round, carried at a book value of £13.3 million, representing about 8% of Agronomics' net asset value. The Series B funds are intended to scale production of cultivated bluefin tuna toro and demonstrate the platform's capabilities for whole-muscle products at price parity with conventional tuna, targeting rapid returns from high-value species. BlueNalu emphasizes consumer willingness to pay premiums. Post-Series B, BlueNalu secured $11 million in convertible note and preferred stock financing led by Agronomics, Siddhi Capital, and Lewis & Clark AgriFood in a later round to support market entry pending regulatory approval, process optimization, and a new production facility. In 2024, it joined the US National Fisheries Institute, expanded partnership with Nomad Foods, and entered the UK Food Standards Agency’s novel foods sandbox. Total funding across rounds exceeds $123-125 million from over 20 investors. |
| Jan 2021 | Undisclosed stage | Rage Capital (lead) | $60M | $259M | BlueNalu is a San Diego-based startup developing cell-based seafood products using fish cells to produce alternatives like mahi mahi and bluefin tuna, aiming to address vulnerabilities in the $200 billion global seafood market through sustainable production. The company, founded in 2018, closed a $60 million convertible note financing round on January 19, 2021, led by Rage Capital, marking the largest funding in the cell-based seafood industry at that time. Other participants included Agronomics, Lewis & Clark AgriFood, McWin, Siddhi Capital, KBW Ventures, and strategic investors such as Radicle Growth, Rich Products Corporation, and Thai Union. The funds were allocated to key milestones including opening a nearly 40,000 square foot pilot production facility in San Diego, completing FDA regulatory review for initial products, and initiating marketplace testing in U.S. foodservice establishments. This followed prior raises: a $4.5 million seed round in 2018 and a $20 million Series A in early 2020, bringing total funding to over $84.5 million by early 2021. BlueNalu planned to launch mahi mahi from the pilot facility later in 2021, followed by premium bluefin tuna, with a focus on commercialization and strategic partnerships for supply chain, operations, and distribution. Subsequent developments included a $33.5 million Series B in 2023 and $11 million in 2024 for scaling cultivated bluefin tuna toro production. |
| Nov 2020 | Undisclosed stage | Agronomics | $60M | - | Agronomics subscribed US$5 million of convertible promissory notes in BlueNalu, forming part of a US$60 million convertible note financing that the cultivated seafood company closed on 19 January 2021 led by Rage Capital, with Lewis & Clark AgriFood, McWin and Siddhi Capital also participating. The proceeds were earmarked for BlueNalu's first commercial pilot facility in San Diego. On conversion at a qualified equity financing the notes were expected to lift Agronomics' interest to about 5.85 per cent. |
| Sep 2019 | Series A | Agronomics (lead); Cibus Capital; Rich Products Ventures; CPT Capital; New Crop Capital; Meliorate Partners; Beyond Impact; Clear Current Capital; KBW Ventures; Stray Dog Capital; Tech Coast Angels; Unovis Asset Management | $20M | - | BlueNalu is a San Diego-based cellular aquaculture startup specializing in cultivated seafood, with a focus on whole-muscle cell-cultured bluefin tuna toro. The company uses proprietary technology to produce seafood products that are intended for the premium foodservice and retail markets. BlueNalu was founded by Lou Cooperhouse, Chris Dammann, and Christopher Somogyi, and has positioned itself as an early mover in the cultivated seafood space. The Series A round in 2019 raised $20 million from investors including Agronomics. BlueNalu continued to expand its funding portfolio, raising $60 million in convertible note financing in 2020, followed by a Series B round of $33.5 million in October 2023 with investors including NEOM and other undisclosed investors. In January 2026, the company secured an additional $11 million in financing led by Agronomics, Siddhi Capital, and Lewis & Clark AgriFood to advance commercialization activities, regulatory pathways, and manufacturing readiness for a next-generation production facility. As of 2024, BlueNalu became the first cultivated seafood producer to join the US National Fisheries Institute and was accepted into the UK Food Standards Agency's novel foods regulatory sandbox, positioning the company within a competitive landscape of cultivated protein developers. |
| Aug 2018 | Seed | New Crop Capital (lead); Beyond Impact | $5M | $23M | BlueNalu develops cell-cultured seafood products, including bluefin tuna toro, mahi mahi, red snapper, and yellowtail amberjack, aiming to produce sustainable alternatives to conventional seafood. The company operates a pilot facility in San Diego, California, with plans to scale to commercial production. On August 15, 2018, BlueNalu closed a Series Seed funding round raising $4.61 million at a post-money valuation of $23.07 million. New Crop Capital served as lead investor, with participation from Beyond Impact, Agronomics, Clear Current Capital, CPT Capital, Griffith Foods, Nutreco, Stray Dog Capital, and others from 11 nations. The round demonstrated global interest in cellular aquaculture technology. The funds supported early development of good manufacturing practices and preparation for market launch. BlueNalu later expanded with a $20 million Series A in February 2020 co-led by Stray Dog Capital, CPT Capital, New Crop Capital, and Clear Current Capital, followed by larger rounds including a $60 million Series B-1 in 2021 at $258.53 million post-money valuation. |
Who has invested in BlueNalu?
17 investors have backed BlueNalu across its funding rounds, including Agronomics, New Crop Capital, Beyond Impact, Bossa Invest, Tech Coast Angels and CPT Capital.
Lead investors include Agronomics, Rage Capital and New Crop Capital.
BlueNalu Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Douglas | 4 | Lead | Sep 2019 | |
| New York City, NY | 2 | Lead | Aug 2018 | |
 Montreux | 2 | Participant | Aug 2018 | |
| London | 1 | Participant | Sep 2019 | |
| Douglas | 1 | Participant | Dec 2025 | |
| Buffalo, NY | 1 | Participant | Sep 2019 | |
| London | 1 | Participant | Sep 2019 | |
| Seattle, WA | 1 | Participant | Sep 2019 | |
| New York City, NY | 1 | Lead | Jan 2021 | |
| Cherry Hill, NJ | 1 | Participant | Dec 2025 | |
| St Louis, MO | 1 | Participant | Dec 2025 | |
| United States | 1 | Participant | Sep 2019 | |
| San Francisco, CA | 1 | Participant | Sep 2019 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialBlueNalu Competitors
BlueNalu competitors include listed companies like Cabio Biotech (Wuhan) Co and Easy Holdings Co, and private ones like Jiaozhiwu, Remilk, Liberation Bioindustries and Prolific Machines.
| Company | HQ | Status | Revenue | EBITDA | Valuation |
|---|---|---|---|---|---|
 China | Publicly listed | $84M | $33M | $211M | |
 South Korea | Publicly listed | $2.5B | $163M | $217M | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Jiaozhiwu | Guangzhou | Private | - | - | $133M |
 Tel Aviv | Private | - | - | $325M | |
| New York City, NY | Private | - | - | $178M | |
| United States | Private | - | - | $202M |
BlueNalu Public Comps
BlueNalu is still privately-owned, but its public comps include Fine Foods, HKFoods, CJ Freshway, Cakovecki Mlinovi, Mineralbrunnen, Naturhouse Health, Life Water Industries, Rokiskio Suris, Grupo Minsa and Meysu.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $290M | $40M | 1.0x | 1.0x | 7.4x | 7.1x | |||
| $1.1B | $70M | 0.4x | 0.4x | 6.0x | 5.6x | |||
| $2.5B | $118M | 0.2x | 0.2x | 4.0x | 4.0x | |||
| $458M | $28M | 0.5x | - | 7.6x | - | |||
| $187M | $23M | 1.2x | - | 9.5x | - | |||
| $55M | $17M | 2.8x | 2.7x | 8.9x | 8.9x | |||
| $51M | $17M | 3.8x | 3.5x | 11.5x | 10.8x | |||
| $464M | $34M | 0.4x | - | 5.9x | - | |||
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Common questions about BlueNalu
| When was BlueNalu founded? | BlueNalu was founded in 2017. |
| Where is BlueNalu headquartered? | BlueNalu is headquartered in San Diego, CA, United States. |
| Is BlueNalu publicly listed? | No, BlueNalu is a private, VC-backed company. |
| What is BlueNalu's valuation? | BlueNalu was last valued at $180M in its undisclosed-stage round in December 2025. |
| How much funding has BlueNalu raised? | BlueNalu has raised $192M across 7 funding rounds. |
| What was BlueNalu's last funding round? | BlueNalu's last funding round was a $8M undisclosed-stage round in December 2025, led by Agronomics. |
| Who are BlueNalu's investors? | BlueNalu's investors include Agronomics, New Crop Capital, Beyond Impact, Cibus Capital, New Agrarian, Rich Products Ventures, CPT Capital, Meliorate Partners, Rage Capital, Siddhi Capital and 7 others. |
| Which companies are comparable to BlueNalu? | Companies comparable to BlueNalu include Cabio Biotech (Wuhan) Co, Easy Holdings Co, Jiaozhiwu, Remilk, Liberation Bioindustries and Prolific Machines. |
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