- Finless Foods recently announced it raised $34 million in funding. These are the details.
Finless Foods – the first cell-cultured seafood company as well as the first to serve cell-cultured fish in the U.S. – announced the closing of its Series B funding totaling $34 million led by Hanwha Solutions. And this brings the total raised to nearly $48 million since 2017. Additional investors include Japanese seafood company Dainichi Corp, At One Ventures, Olive Tree Capital, Justin Kan, Humboldt, Gaingels, Draper Associates, Sustainable Ocean Alliance, and SOSV.
The company will use this significant investment to ramp up its strategic growth period to:
1.) Launch plant-based tuna nationally into foodservice in the U.S., explore international distribution in Asia and expand Finless’ plant-based seafood portfolio;
2.) 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;
3.) Gain regulatory approval for Finless’ cell-cultured bluefin tuna, enabling it to be sold and consumed;
4.) Lead the industry in reducing the price of cell-cultured bluefin tuna to reach price parity with its conventional equivalent.
After learning about the ever-increasing pressure being placed on the ocean and global fisheries – especially on key species of concern like bluefin tuna – Finless co-founders, Selden and Brian Wyrwas founded the company around a single guiding mission: to create a future for seafood where the ocean thrives.
Finless integrates this mission into every aspect of its forward-looking business strategy from product pipeline to company messaging. And to ensure it is informed by expertise, Finless created a first-of-its-kind Impact Board to serve as an internal brain trust of ocean and sustainable seafood thought leaders.
The Impact Board currently 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.
KEY QUOTES:
“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. 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.”
“We instinctively identified bluefin tuna as Finless’ first species of focus and priority, both for its conservation opportunity and business strategy.”
— Michael Selden, CEO and co-founder of Finless Foods
“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.”
— Hanwha Solutions’ spokesperson
“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.”
— Tom Chi, managing partner At One Ventures
