Cultivated meat & seafood · San Diego, USA
BlueNalu
Cell-cultivated bluefin tuna (toro) · bluenalu.com ↗
Grows bluefin tuna toro from fish cells for sushi and fine dining. It plans to launch first in San Diego restaurants.
Stage
Regulatory review (step 3 of 6)
Has filed with the US FDA and is waiting for a 'no questions' letter. In March 2026 the CEO expected clearance within weeks, but none had been reported as of November 2026. A Singapore dossier is also filed, and the company takes part in the UK regulatory sandbox.[1] [2]
Next FDA 'no questions' letter, then a restaurant launch in San Diego.
Agronomics' holding
- Fair value
- £11.73m 30 Jun 2026
- Portfolio weight
- 8% 30 Jun 2026
- Stake
- 5.1% 30 Jun 2026
- Invested
- £11.0m since May 2018
- Multiple
- 1.06× +£0.70m
- Per year
- +1.7% all holdings
- Last round
- CLN & preferred stock 30 Dec 2025 · 10 months ago
Agronomics put a further US$6.6m into the December 2025 round (US$6m preferred shares, paid in Agronomics shares, plus US$0.6m of convertible notes) and booked a £4.0m fair-value gain. By 31 Mar 2026 it was carried at £11.75m, down from 12% of the portfolio at 31 Dec 2025; the Q1 2026 NAV update does not mention the fall.
Investments
| Date | Cost | Round |
|---|---|---|
| Aug 2018 | £0.19m | US$250k Seed[10] [11] |
| 29 Aug 2019 | £0.57m | US$750k Series A[12] [11] |
| 19 Dec 2019 | £1.52m | US$2.0m Series A[13] [11] |
| 19 Nov 2020 | £3.81m | US$5m convertible note[14] [11] |
| 30 Dec 2025 | £4.94m | US$0.6m notes and US$6m of preferred shares, paid in Agronomics shares[6] [8] |
Approvals & markets
- Pending
-
Pending
Singapore (SFA)[1]
Cell-cultivated bluefin tuna
-
Pending
UK (FSA sandbox)[1]
Cell-cultivated seafood
- HQ
- United States
- Selling in
- —
Timeline
-
Expects FDA clearance 'in the next several weeks'[1]
Tuna toro shown at Seafood Expo North America. The company is preparing a San Diego restaurant launch.
-
About US$11m raised for market entry[2]
The money will support launching the toro once it is approved.
-
Preferred share and convertible note raise[6]
Initial convertible note closing of about US$8m, led by Lewis & Clark AgriFood Fund II and Siddhi Capital. Agronomics invested US$6.6m and booked a £4.0m fair-value gain.
-
Valuation cut in FY2025 accounts[15]
Unrealised fair-value loss of £5.2m (plus £1.0m FX loss), taking the holding to £6.6m.
-
Expanded Nomad Foods partnership[3]
Partnership to commercialise cell-cultivated seafood in the UK and Europe.
-
Partnership with FOOD & LIFE COMPANIES[4]
Japan's largest sushi restaurant operator (Sushiro) partnered with BlueNalu.
Sources
- Cell-cultivated seafood makes its debut at Seafood Expo North America as BlueNalu prepares for product launch SeafoodSource · Mar 2026
- BlueNalu Hooks $11M in Funding to Bring Cultivated Tuna to US Sushi Market Green Queen · Jan 2026
- BlueNalu expands partnership with Nomad Foods Agronomics Limited (RNS) · 30 Apr 2025
- FOOD & LIFE COMPANIES announces partnership with BlueNalu Business Wire · 25 Jan 2022
- Q2 2026 Investor Report (portfolio at 30 June 2026) Agronomics Limited · 21 Aug 2026
- Further equity investment of US$6m in BlueNalu Agronomics Limited (RNS) · 30 Dec 2025
- Interim Report: six months to 31 December 2025 Agronomics Limited · 17 Feb 2026
- Q1 2026 Investor Report Agronomics Limited · 20 May 2026
- Net Asset Value calculation as at 31 March 2026 Agronomics Limited (RNS) · 18 May 2026
- Annual Report 2018: year to 30 June 2018 Agronomics Limited · 28 Dec 2018
- Annual Report 2022: year to 30 June 2022 Agronomics Limited · 20 Dec 2022
- Agronomics Participates in BlueNalu Fund Raise Agronomics Limited (RNS) · 29 Aug 2019
- Additional Participation in BlueNalu Fundraise Agronomics Limited (RNS) · 19 Dec 2019
- Announces Investment of US$ 5 million in BlueNalu Agronomics Limited (RNS) · 19 Nov 2020
- Annual Report 2025: year to 30 June 2025 Agronomics Limited · 30 Dec 2025