BlueNalu, Inc., a subsidiary of Agronomics, has raised $35 million in a Series B funding.  In February 2020, the company raised $20 million through a Series A funding to develop a pilot production facility in San Diego to prepare cell-cultured seafood. The recent injection of capital will be used to scale up cell-cultured seafood production to commercial capacity.  BlueNalu intend launching a bluefin tuna product.

BlueNalu, along with numerous aspirant producers of cell-cultured protein, have collectively raised over $2 billion in venture capital funding over the past two years. As yet there is no viable commercial production of cell-cultured protein either beef, chicken or seafood. 

Based on revelations concerning alleged unfounded claims by Upside Foods and their problems scaling up from roller bottle production to 500-liter reactors, there are question as to whether cell-cultured meat and seafood production is simply a promise or is a practical alternative to conventional livestock and aquaculture.

Venture capital funds may soon tighten their purse strings unless one or other of the well-funded companies in either Europe or North America manages to demonstrate a potential for return on investment. This will only eventuate through actually marketing an acceptable and realistically priced product that gains consumer acceptance.  The time for hype has long since passed. More experienced investors imbued with a sense of realism will replace the unfounded optimism of newly hatched MBAs believing their spreadsheets and entranced by welfare and sustainability.