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Finless Foods🐟

a biting review of a scaleable company

a note from us

  • this week’s company, Finless Foods, is looking to produce their own sashimi-grade fish in a lab…and hopefully get it served at Nobu🍣
  • imagine eating a piece of sushi and having the fish where it came from in a nearby tank, watching you eat it 👀
  • before you write off cellular agriculture, there are great benefits for the environment and even your health
Finless Foods - Wikipedia

in a sentence

Finless Foods is an alternative seafood company, currently focusing on two products: plant-based and cell-cultured bluefin tuna.

  • plant-based: the initial play at entering this market, made from only nine ingredients
  • cell-cultured: (no, not a well-traveled, beret-wearing, museum-going tuna) the company’s long-term play, to grow tuna in a food production facility from the fish’s cells 🧬
    • the cells are collected, fed, grown, given a 3D structure, and ready to be cooked and served
  • why bluefin tuna? tuna is the most consumed fish in the world, there is no sustainable way to take it from the ocean, and it has high amounts of mercury that could harm humans

bulleted version: 

so, what’s the catch?🎣 well, there is none; Finless Foods imagines a future where we don’t have to kill fish to eat them

finless-foods - Green Queen

the basics

due diligence

what we like

  • leading a high-growth market: the alternative seafood market has emerged due in part to constraints in our fish supply 🤿
  • starting with a luxury: Finless Foods will have an easier time matching the cost of traditional bluefin tuna since its price is already sky-high (in 2018, one bluefin tuna sold for $3m) 💰
    • from there they can scale into less expensive markets, similar to Tesla
  • thinking short-term and long-term: plant-based tuna wasn’t part of the original plan, but the company realized they can roll out a quality plant-based product before their cultured fish is approved
    • once their cultured product is approved, they will already be connected with customers, distributors, and manufacturers

potential risks

founder profiles

comps

why Finless Foods: 

  • alternative fish is a fairly uncrowded market; with good funding, marketing, and two products coming soon, Finless Foods has the potential to be a major player that will bring us into the future of protein