US-based seafood company BlueNalu has completed its $20m Series A financing round to help expand its presence in the market.

Stray Dog Capital, CPT Capital, New Crop Capital and Clear Current Capital co-led the funding round.

BlueNalu will use the proceeds to develop a production facility in San Diego and prepare for its market launch. It will also implement strategic alliances for worldwide operations and distribution.

The company produces seafood from lab-grown fish cells. It has received funding from several strategic investors, including Nutreco and Rich Products Ventures.

BlueNalu president and CEO Lou Cooperhouse said: “BlueNalu has made considerable progress toward bringing cell-based seafood products to the world.

“We are extremely thankful to the committed group of visionaries who participated in our earlier financing round and have invested again in this round and we are eager to form partnerships with these five strategic investors so that we can efficiently commercialise and launch our cell-based seafood products in nations around the world.”

Stray Dog Capital co-founder and chairman Chuck Laue said: “BlueNalu has demonstrated global leadership in cell-based seafood and has the team, expertise, strategy and networks that are key to its success.

“As global demand for seafood continues to increase and our supply continues to be compromised, we are excited at the potential for BlueNalu to play a significant role in feeding the planet in the decades to come.”