Driving the Blue Foods Revolution with Michael Selden, Finless Foods

Welcome back to Planet & Purpose—a bi-weekly LinkedIn Newsletter featuring professional insights and personal experiences from ocean and climate ecopreneurs, investors, and advocates by Daniela V. Fernandez , Founder & CEO of Sustainable Ocean Alliance (SOA). 

Raising livestock for consumption is currently responsible for anywhere from 14.5% to 16.5% of total global greenhouse gas emissions (greater than all transportation emissions combined). 

As the greatest carbon sink on the planet, the ocean works overtime to absorb 90% of excess heat from these emissions, leading to increased ocean warming, acidification, and rising sea levels. Translation? Our ocean is being stressed beyond its natural limits. 

But there is hope. One of the primary ways to restore ocean health is to accelerate sustainable fisheries, aquaculture, and marine-derived alternative proteins—also known as ‘blue foods’. I’m pleased to spotlight an innovative founder in SOA's Ecopreneur Network who is revolutionizing aquaculture and driving forward the Blue Foods revolution by pioneering a cell-cultured marine protein: Michael Selden , Co-Founder & CEO of Finless Foods.

Next edition, we will provide updates on progress made toward the Global Plastics Treaty. 

Stay tuned!

Daniela: Welcome to Planet & Purpose, Michael! I’m thrilled to introduce you and your compelling startup to our readers. 

For those who aren’t familiar, Finless Foods was founded to create delicious, healthy, and accessible cell-cultured seafood for all dietary preferences. Can you tell me a bit more about this emerging niche taking the blue foods industry by storm?

Michael: Thank you for having me Daniela! 

Yes, that’s right. Cell-cultured seafood is a rapidly advancing industry. 

How it works is a sample of real animal cells are isolated and grown in a large steel drum called a bioreactor that looks like something you’d see in a microbrewery. This is accomplished by feeding the cells salts, sugars, and amino acids—all natural building blocks for real meat. 

They’re then harvested and structured using scaffolding and plant-based ingredients to create sought-after seafood products in forms like sushi or sashimi.

Daniela: I’m sure many readers are flabbergasted that this is happening RIGHT NOW, given that the technology sounds so futuristic! What was your inspiration to found Finless Foods?

Michael: As most of us know, our ocean is under increasing pressure and we can’t remove many more fish from the sea sustainably. Yet, seafood consumption and demand continue to rise exponentially. While aquaculture is one tool in the toolbox, we think cell-cultured seafood is another, helping us to meet the demand for seafood by diversifying our sources of supply without placing additional pressure on the ocean.

Daniela: What is the first product Finless Foods plans to release on the market, and what sets it apart from the blue foods made available by fisheries and traditional aquaculture?

Michael: Finless’s first market product will be cell-cultured bluefin tuna sashimi. 

We are focusing specifically on tuna because, according to the UN, tuna is the most consumed and second most wild-caught fish in the world. With the global demand only increasing, we’re looking to produce cell-cultured tuna that enables consumers to enjoy the cuisine they love without placing additional pressure on the ocean. 

With our product, one of the biggest differentiators will be its premium quality, as it won’t contain environmental contaminants like mercury or microplastics. Ultimately, Finless is on a mission to meet consumer demand for sustainable options without compromising on taste, texture, and price. Better for us, better for the ocean.

Daniela: What is the regulatory landscape like in trying to bring a brand-new concept and transformative product to the general public?

Michael: Being based in the U.S., one key step for all cell-cultured food startups is to prove the safety of the product to the U.S. Food and Drug Administration (FDA)—which will enable Finless to sell and consumers to eat our revolutionary products in the U.S. market. 

We are very proud that we have already made our necessary submissions, and are moving towards regulatory approval. We’re currently in an active review, meeting with and answering all of the FDA's questions so that we can tick toward approval as quickly as possible.

Daniela: After you receive approval, what is an upcoming development you anticipate for Finless Foods, and what steps are you taking to prepare?

Michael: To ensure we will be able to scale cell-cultured bluefin tuna sashimi for sale and consumption following FDA approval, we’re making sure our pilot production facility is fully up and ready to go in parallel. 

After years of regulatory legwork, research, and development, we are getting exponentially closer to introducing cell-cultured seafood to early adopters across gastronomic applications.

Daniela: That’s unbelievably exciting! SOA can’t wait to celebrate when that milestone is reached. 

Before I let you go, given how novel your concept must have seemed to investors, do you have tips for peers on securing funding in the ocean innovation space?

Michael: Remember: your peers are your friends. Find a network, meet people one on one, sincerely ask what they’re doing, and listen. 

As with any friendship, be there for them and try to help where you can. You’ll get out of these relationships what you put in. If you are contributing to making the network stronger, you’ll benefit massively from that, even if it doesn’t look like it at first or what you think it would look like. This isn’t a zero-sum game. Other entrepreneurs are your friends, not your competition—even if they are your ‘actual’ competition!

Daniela: Thank you, Michael, for your compelling solution and for letting us in on the process of disrupting an established industry to create a future for seafood where the ocean thrives. 

Michael: Thank you for having me, Daniela!

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APPLY TO MALTA ENTERPRISE’S SDG14 CHALLENGE

Through the Blue Med Initiative, Malta Enterprise is working to promote and accelerate innovative and sustainable blue businesses in Malta by launching the SDG14 Challenge. 

Through this Challenge, Malta Enterprise is inviting businesses with innovative commercial solutions that address UN Sustainable Development Goal 14 (SDG14) “Life Below Water” to participate and be part of the solution to global ocean challenges. 

With a dedicated budget of €4 million, the Malta Enterprise will support a number of companies that showcase feasible business projects that actively contribute to one or more SDG14 targets.

Applications must be submitted by January 12, 2024, through the client portal of Malta Enterprise here. For more information on the Blue Med and the SDG14 Challenge, reach out via email to bluemed@maltaenteprise.com.

OPPORTUNITIES TO INVEST IN MEMBERS OF SOA’S ECOPRENEUR NETWORK

Finless Foods, Flywire, and Novoloop are all developing new, emerging technologies within the ocean-tech industry—from cell-cultured seafood and AI monitoring to software development to plastic materials innovation.

If you are a mission-driven investor interested in connecting with and supporting Sustainable Ocean Alliance startups, email ecopreneurs@soalliance.org.

Have questions on ecopreneurship, ocean and climate innovation, impact investing, or more? Ask Daniela! 

Submit your inquiries (anonymously!) to be answered in future editions → https://bit.ly/dvfqa

About Planet & Purpose

Planet & Purpose is a LinkedIn Newsletter featuring professional insights and personal experiences from ocean and climate ecopreneurs, investors, and advocates brought to you by Daniela V. Fernandez, Founder & CEO of Sustainable Ocean Alliance (SOA).