Agronomics Limited has announced that its portfolio company, BlueNalu, has raised $33.5 million in a Series B financing round. The funding will support BlueNalu's growth and its efforts to scale and commercialize sustainable seafood in the U.S. and globally. BlueNalu plans to launch its first commercial product, premium bluefin tuna toro, once it receives regulatory approval. Agronomics has invested a total of $8 million in BlueNalu across previous financing rounds and now holds a 5.12% equity stake in the company on a fully diluted basis.

The holding in BlueNalu represents approximately 8% of Agronomics' last published Net Asset Value as of June 30, 2023. Agronomics is a venture capital firm focused on cellular agriculture and has a portfolio of over 20 companies in this sector. The company seeks minority stakes in companies with defensible intellectual property that offer new ways of producing food and materials derived from animals. Cellular agriculture involves producing agricultural products directly from cells, using techniques such as cell culture and fermentation processes.

The shift towards cellular agriculture is driven by the need to address sustainability, human health, animal welfare, and environmental damage concerns associated with conventional agriculture. According to AT Kearney, cultivated meat is projected to reach a market share of 35% by 2040. The Good Food Institute estimates that a $1.8 trillion investment will be needed to produce just 10% of the world's protein using cellular agriculture technology. Despite the potential, the industry has received less than $5 billion in global investments since its inception in 2016.

Overall, Agronomics' investment in BlueNalu's Series B financing round reflects its commitment to supporting companies in the cellular agriculture sector and its belief in the potential of sustainable food production technologies.