Fish outside the ocean: Israeli start-up nets funding to scale cultivated bluefin tuna

10 Oct 2023 --- FoodTech start-up Wanda Fish Technologies has secured US$7 million in seed funding to accelerate the creation and increase the scale of a cultivated whole-cut filet of bluefin tuna, hailed as an alternative “fish of the future” which mitigates overfishing.

These cuts replicate the texture, flavor, and nutritional value of wild-caught bluefin tuna, comprising the fish’s muscle and fat cells and containing the same native proteins and fatty acids, including omega-3 and other essential nutrients.

Wanda Fish is working on a whole-cut bluefin tuna prototype to provide an abundant, premium source of highly nutritious fish that will alleviate strain on the delicate ocean ecosystem.

Biotechnology-based innovation
This includes forming a 3D filet structure using bluefin tuna cells, differentiated into both muscle and fat tissues. 

Wanda Fish uses a proprietary technique to precisely control fat levels in the product. This enables the creation of a diverse range of filet cuts, including the highly sought-after Toro premium cut.

As a cultivated filet, Wanda Fish’s bluefin tuna has no common ocean pollutants, like mercury, and is produced under non-GMO standards, flags the company.

The company also claims it bears wild-caught fish’s authentic texture, flavor, and nutritional richness.

Cultivated fish “a sustainable alternative”
The round was led by Netherlands-based global aquaculture investment fund Aqua-Spark, with additional funding from returning pre-seed investors The Kitchen Hub by the Strauss Group, Peregrine Ventures, LLC, Pico Venture Partners, Morevc, and CPT Capital, LLP. 

Since its inception, Wanda Fish has raised US$10 million in funding.

“We are on a shared mission to improve the global food value chain, creating a tasty, more sustainable future for all. This financial backing by leading global venture funds gives us significant leverage to make sustainably cultivated, cruelty-free, and ocean-friendly bluefin tuna a reality,” says Daphna Heffetz, Ph.D., co-founder and CEO of Wanda Fish. 

Valued for its nutritional content, texture, and flavor, bluefin tuna is an expensive, sought-after species that is particularly popular with high-end sushi restaurants due to its perfect balance of fat and protein.

Despite its popularity, tuna is considered unsustainable to farm due to the feed resources.Further driving demand is bluefin tuna’s inaccessibility. Overfishing of bluefin tuna has pushed it to the brink of endangerment, leading governments to limit fishing quotas significantly.

Meanwhile, tuna is considered unsustainable to farm due to the feed resources, pen size requirements, and difficulty of breeding in captivity. 

Tuna is also one of the oceans’ most polluted fish, often contaminated with plastic debris and extremely high levels of heavy metals such as mercury, intensifying the need for an accessible, stable supply of sustainable alternatives.

“In such a burgeoning and innovative sector, we are pleased to welcome Wanda Fish into our portfolio of companies based on the remarkable speed with which they’ve met significant milestones,” says Lissy Smit, CEO of Aqua-Spark. 

“We firmly believe in a future where sustainably farmed and cultivated seafood will work in concert with one another to alleviate the burden of overfishing, especially species like bluefin tuna, which are deemed unsustainable to farm.”

Edited by Gaynor Selby