The Berlin-based foodtech start-up is the ninth portfolio company of DX Ventures
Early-stage venture capital investor DX Ventures has participated in the seed funding round of Bluu Biosciences, a Berlin-based foodtech start-up set out to produce fish products from cells.
DX Venture entered the market in January backed by multinational, Berlin-based online food delivery company Delivery Hero. The fund’s has a mandate to invest globally in the food delivery ecosystem and adjacent industries. The investment philosophy is centered on building long-term partnerships with founders to provide support throughout the lifecycle and actively create value.
Bluu Biosciences is the nineth portfolio company of DX Ventures and joins fellow alternative protein start-ups Eat Just and Impossible Foods.
Brendon Blacker, partner at DX Ventures, said: “Sustainability is at the heart of DX Ventures’ values and we are excited to support Bluu Biosciences to create a more sustainable seafood industry.”
Blacker explained the firm decided to partner with Bluu Biosciences after being impressed with the deep expertise of their world-class team and their clear focus on tackling the many challenges associated with the current fishing industry. “We also see tremendous potential to leverage our food industry expertise to assist Bluu Biosciences with marketing its cell-based fish products to restaurants and commercial kitchens worldwide,” he added.
Bluu Biosciences is the first company in Europe to specialise in the development and production of cell-based fish using advanced biotechnology.
The start-up argued that cell-based or cultivated fish is sustainable fish meat produced from real fish cells that is grown in a bioreactor. “It is an animal product that, unlike wild-caught fish, is obtained without compromising animal welfare,” said Bluu Biosciences in a statement.
According to the Food and Agriculture Organization of the United Nations, about 90% of all edible fish stocks are already considered maximally exploited or overfished, while demand continues to rise as the world’s population grows. More and more people are relying on fish as their primary source of protein.
For Bluu Biosciences producing cell-based fish without harming the ecosystem and at competitive prices can make a critical contribution to global animal protein supply security in the future, as well as bringing a range of health benefits to consumers.
Dr Sebastian Rakers, founder and managing director of Bluu Biosciences together with Simon Fabich explained: “With this investment from DX Ventures we have gained a long-term partner who, like us, is committed to greater sustainability in the food sector.
“With DX Ventures’ strong backing from Delivery Hero SE, a DAX company in Germany, we believe there are many long-term benefits to realize from our partnership. The collaboration is also an incredibly interesting opportunity for future distribution – with the potential to access thousands of great restaurants and kitchens internationally, which we see as an attractive way of accelerating our commercialization roadmap.”
Date published: 11 May 2021