March 14, 2022

photo credit: Finless Foods

By Lynda Kiernan-Stone, Global AgInvesting Media

Launched through the IndieBio accelerator in 2017, Finless Foods is the first cellular aquaculture company to create fish cakes ever served to be eaten in the U.S. (video). It went on to secure backing from Hatch – the first aquaculture-focused accelerator in the world – formed at the turn of 2018 in Bergen Norway by Dr. Carsten Krome of Alimentos Ventures.

Due to overfishing and the depletion of wild-caught fish stocks, as well as concern over the ecological ramifications of wild catch fishing, and health concerns surrounding mercury and heavy metal levels found in some seafood, consumers are looking for seafood that leaves a lighter footprint. Enter, cellular aquaculture.

Finless has been working diligently to create sustainable and versatile cell-cultured and plant-based seafood alternatives beginning with bluefin tuna and eventually expanding into other species. The goal is to reduce the growing pressure on global wild-caught tuna stocks, and also enable consumers to diversify the popular seafood dishes they love, like sushi and poke.

The company has now announced it has closed on a $34 million Series B led by Hanwha Solutions, bringing total funding since 2017 to $48 million. Additional investors participating in the round included Japanese seafood company Dainichi Corp., At One Ventures, Olive Tree Capital, Justin Kan, Humboldt, Gaingels, Draper Associates, Sustainable Ocean Alliance, and SOSV.

“Given the climate change facing our planet, we believe cellular agriculture will become the future of food production,” said a spokesperson from Hanwha. “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.”

Today, every four out of 10 pounds of animal protein consumed on a global scale are fish, leading to 90 percent of the world’s marine fish stock to be either exploited, over-exploited, or depleted, creating a situation primed for the emergence and successful market adoption of cell-cultured seafood. 

Unlike wild-caught fish, cell-cultured fish can make a critical contribution to global animal protein supplies and future food security in a resource-friendly way at a much lower carbon footprint. It also offers a product of high nutritional value that can be readily available in areas without access to the sea – without pollutants, and through relatively short supply lines.

After becoming aware of these pressures on both our oceans and global fish populations, especially key species like bluefin tuna, Michael Selden and Brian Wyrwas co-founded Finless Foods around a single mission that it integrates into all aspects of its business strategy from product pipeline to messaging – 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,” explained Selden.

The company stated that it will dedicate this significant funding to accelerating its strategic growth stage with the goals of:

~ Nationally launching plant-based tuna into the U.S. foodservice space; to expand its plant-based seafood portfolio, and to explore international distribution in Asia.

~ To expand its team by strengthening its technical research and development staff, and then further build out its business capabilities to advance from R&D to a food company.

~ To gain regulatory approval for Finless’ cell-culture bluefin tuna and to reach price parity with its conventional equivalent.

“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,” said Tom Chi, managing partner, At One Ventures. “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.”

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– Lynda Kiernan-Stone is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Oilseed & Grain News. She can be reached at lkiernan-stone@globalaginvesting.com.