US alt-seafood company Finless Foods to explore expansion in Asia

Kaycee Enerva

Kaycee Enerva

Finless Foods

The California-based alt-seafood company, Finless Foods, has raised US$34 million in funding to expand domestically and explore a launch in Asia. 

The funding round was led by Hanwa Solutions, alongside investors Danichi Corp, At One Ventures, Justin Kan, Olive Tree Capital, Draper Associates, Sustainable Ocean Alliance, Humboldt, and SOSV.

Michael Selden, CEO and founder at Finless Foods, said the funding would help finalise the construction of a pilot facility where Finless will produce its first saleable cell-cultured bluefin tuna for the 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.”

The company aims to use the funds to launch its plant-based tuna nationwide into foodservice, explore distribution in Asia, and expand its plant-based seafood portfolio. 

Furthermore, it plans to acquire regulatory approval for its cell-cultured bluefin tuna, allowing it to be sold and consumed. The funds will also be used for team expansion and to improve the technical research and development staff and grow from research and development to a food company. 

Selden and Bryan Wyras shared that they established the company after learning about the increasing pressure on the ocean and global fisheries, especially on key species like the bluefin tuna. 

The company stated it hopes to “create a future where the ocean thrives”.

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

Many of the world’s tuna species face a number of threats to their population, and existence due to poor conservation management, illegal, unregulated, and overfishing. If we do not act now, we might say goodbye to our favourite sashimi.

Kaycee Enerva

Kaycee Enerva

A digital content manager based in the Philippines, Kaycee Enerva has written for multiple publications over several years. A graduate of Computer Science, she exchanged a career in IT to pursue her passion for writing. She's slowly practicing sustainability through period cups, and eating more plant-based food.

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