Wanda Fish Raises USD $7M in Seed Funding To Accelerate Pilot Production of Cultivated Bluefin Tuna

Netherlands-based aquaculture investment fund Aqua-Spark led the round, joined by additional investors The Kitchen Hub, Peregrine Ventures, PICO Venture Partners, MOREVC, and CPT Capital

REHOVOT, Israel , Oct. 9, 2023 /PRNewswire/ -- Today, FoodTech start-up Wanda Fish Technologies, Ltd., announces it has secured USD 7 million in seed funding. 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 USD 10 million in funding.

Founded in 2021 by The Kitchen Hub and Daphna Heffetz, a leading figure in biotechnology-based innovation, Wanda Fish develops premium quality, cultivated fish outside of the ocean. This new injection of capital will boost Wanda Fish's ability to accelerate the creation and increase the scale of a cultivated whole-cut filet of bluefin tuna.

These cuts replicate the texture, flavor, and nutritional value of wild-caught bluefin tuna as they comprise the fish's muscle and fat cells and contain the same native proteins and fatty acids, including omega-3 and other essential nutrients. As a cultivated filet, Wanda Fish's bluefin tuna has no common ocean pollutants, like mercury, and is produced under non-GMO standards.

"We are excited and feel incredibly fortunate to collaborate with Aqua-Spark in propelling our venture forward," says Daphna Heffetz, Ph.D., co-founder and CEO of Wanda Fish. "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."

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.

Further driving demand is bluefin tuna's inaccessibility. Overfishing of bluefin tuna has pushed it to the brink of endangerment, leading governments to significantly limit fishing quotas. Meanwhile, tuna is considered unsustainable to farm due to the feed resources, pen size requirements, and difficulty of breeding in captivity. In addition, tuna is 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.

Wanda Fish has made rapid progress on key developmental breakthroughs toward achieving 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. This includes forming a 3D filet structure using bluefin tuna cells, differentiated into both muscle and fat tissues. With its proprietary technique, Wanda Fish can precisely control fat levels in its end products. This enables the creation of a diverse range of filet cuts, including the highly sought-after Toro premium cut.

"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," asserts 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."

"As the start-up's incubator, we've had the privilege of witnessing the immense progress Wanda Fish has made since their inception less than two years ago," enthuses Jonathan Berger, CEO of The Kitchen FoodTech Hub. "Wanda Fish is transforming visionary ideas into a tangible, cutting-edge product that is just steps away from reaching its prototype. This is credited to a skilled and ambitious multinational team led by Daphna Heffetz that is undoubtedly poised for a resounding success story in the thriving alternative protein space; this spells good news for an overburdened marine ecosystem."

About Wanda Fish 

Wanda Fish is a cutting-edge company spearheading a more sustainable future for ocean seafood. Through disruptive technologies, they produce a variety of whole-cut cultivated premium fish filets outside of the ocean. The company's first product in development is the whole-cut cultivated bluefin tuna filet composed of the fish's muscle and fat cells. It bears the authentic texture, flavor, and nutritional richness of wild-caught fish.

The Wanda Fish team comprises a highly skilled multidisciplinary team. Daphna Heffetz, PhD, co-Founder and CEO, brings over 20 years of experience in establishing and growing biotechnology companies. Malkiel Cohen, PhD., VP of R&D at Wanda Fish, is an expert in stem cell technology and genomic engineering, and Yaron Sfadyah, LL.B & B.A., VP of Business Development at Wanda Fish, having 10+ global marketing and business development experience. Under an exclusive licensing and sponsored research agreement with Tufts University in Boston, Wanda Fish also works closely with David Kaplan, PhD, a world-leading academic authority in cellular agriculture.

For more information about Wanda Fish, please visit www.wandafish.com

About Aqua-Spark

Aqua-Spark is a global investment fund, active in 22 countries with investors across 33 countries, building a portfolio of solutions across the aquaculture value chain with the ability to transform the industry into one that is healthier, more sustainable, and more accessible. With just shy of EUR 500 million in assets under management, each investment is chosen for its potential to generate financial returns while also activating positive environmental and social outcomes.

For more information about Aqua-Spark, please visit www.aqua-spark.nl

Press Contacts:

Liat Simha | Wanda Fish: [email protected]  Tel +972-9-9742893
Oona Eager | Aqua-Spark: oona@aqua-spark.nl

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SOURCE Wanda Fish Technologies