February 23, 2022

By Lynda Kiernan-Stone, Global AgInvesting Media

San Francisco-based Wildtype certainly has come far since it raised $3.5 million in Seed funding in 2018. 

Just approaching four years later, this pioneer of sushi-grade, cultivated salmon has broken funding records in its category, announcing the completion of a $100 million Series B led by L Catterton, and including a roster of high-profile names such as Leonardo DiCaprio, Robert Downey Jr’s FootPrint Coalition, Cargill, Bezos Expeditions, S2G Venture Oceans and Seafood Fund, Temasek, and several additional unnamed chefs and professional athletes. Existing investors in the company who also participated include Spark Capital and CRV.

“As consumers continue to look for more sustainable seafood options, Wildtype is a brand that stands alone due to its technology and product quality,” said Jon Owsley, a managing partner in L Catterton’s Growth Fund. “We are on the cusp of a consumer revolution around cultivated proteins, and Wildtype is well-positioned to play a leading role in this transformation, starting with salmon.”

Launched in 2016 by former U.S. diplomat Justin Kolbeck and aspiring cardiologist Arye Elfenbein, Wildtype has a mission to transform the food system through the most sustainable seafood on Earth. With a goal to “address the most pressing challenges of our generation: climate change, food security, and health”, Wildtype’s salmon is free of mercury, microplastics, antibiotics, and other common contaminants.

Beginning with isolating cells from salmon found along the northern Pacific coast of the U.S., Wildtype’s process involves growing these cells in cultivators similar to those found in breweries. Over time, the company has pursued innovations across product development, processing, and R&D that resulted in improved taste, texture, and appearance of its cultivated salmon.

“Whether you are looking for mercury and microplastic-free seafood options, or trying to eat more sustainably, we want Wildtype seafood to be accessible to as many people as possible,” said Justin Kolbeck, founder and CEO, Wildtype. “The enthusiastic support from our high-caliber group of investors will help us achieve this.”

Last year the startup launched its sushi-grade salmon product and in July, opened a first-of-its-kind pilot production plant with production capacity of 200,000 pounds per year in the Dogpatch neighborhood of San Francisco, enabling the company to swiftly recruit innovative talent and form culinary partnerships. With the capital from this round, the company stated that it will be well-positioned as it expands production capacity even further in preparation for its U.S. market launch.

“This investment provides us with the capital necessary to dramatically expand our production capabilities to match the rapid growth in awareness and demand for cultivated seafood,” said Kolbeck.

Today, every four out of 10 pounds of animal protein consumed on a global scale are fish, leading to 90 percent of the world’s marine fish stock to be either exploited, over-exploited, or depleted, creating a situation primed for the emergence and successful market adoption of cell-cultured seafood. 

“Wild fish populations are threatened more than ever before,” said Leonardo DiCaprio. “Wildtype is the clear leader in cultivated seafood, which will give us the chance to protect our oceans while creating the cleanest seafood on the planet. Wildtype will surely transform our food system with its incredible salmon.”

Unlike wild-caught fish, cell-cultured fish can make a critical contribution to global animal protein supplies and future food security in a resource-friendly way at a much lower carbon footprint. It also offers a product of high nutritional value that can be readily available in areas without access to the sea – without pollutants, and through relatively short supply lines.

“Finding nutritious foods that are made sustainably is extremely hard, but Wildtype is doing just that,” noted NBA All-Star and Wildtype investor Blake Griffin. “The progress in the cultivated seafood industry as a whole has been fascinating to me and I am excited for the innovation to come in the next several years. This is the future of seafood and I’m happy to be investing in one of the industry leaders.”

Following the completion of the FDA’s pre-market consultation process, Wildtype said it expects to bring its initial product to market through partnership with fine dining restaurants that are soon to be announced.

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– Lynda Kiernan-Stone is editor with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Oilseed & Grain News. She can be reached at lkiernan-stone@globalaginvesting.com.