Finless Foods

Finless Foods was founded in June 2016[1] and is headquartered in Emeryville, California.[4] At the time, co-founders Mike Selden (CEO) and Brian Wyrwas (CIO) were both molecular biologists (biochemists) in their mid-20s who met each other at the University of Massachusetts Amherst.[2][5] They decided to focus on cultivating bluefin tuna because this species is under threat, and as an expensive food product it is easier to achieve price parity with this fish species.[2] Wyrwas stated in an interview: 'For me, this stems from making something out of nothing and creating an abundance. This is going to be no mercury, no microplastics, more sustainable seafood. In a sense this will be the most pure sample of protein of muscle that you could ever get.'[6] Selden explained in 2020: 'I'm not a serial entrepreneur. I never went to business school. I've always been a political activist. And for me [co-founding Finless Foods] was a part of my food activism.'[7] Indie Bio is a biology oriented accelerator program that has invested in Memphis Meats, Geltor, New Age Meats and Finless Foods.[8][9]

In March 2017 the company commenced laboratory operations.[1][5] CEO Mike Selden said in July 2017 to expect cultured fish products on the market by the end of 2019.[1] He found the term "lab-grown meat" to be inaccurate for the end product Finless was aiming for, comparing cultivating fish with brewing beer.[5] Product development of beer also starts from laboratories, but nobody calls the end product "lab-grown" anymore either: 'So if we're lab-grown meat, then beer is lab-grown beer. We're not going to have armies of scientists sitting over petri dishes forever.'[5]

Finless Foods presented its proof of concept, fish croquettes, in September 2017.[10] The croquette tasting, which according to Jim Mellon (2020) was "apparently rushed", was poorly received.[11] Guardian journalist Amy Fleming, who attended the tasting, wrote: "I find it both delicious and disappointing. It’s only 25% fish and the subtle carp flavour is eclipsed by the potato. I just about detect a pleasant aftertaste of the sea, though not fish as such. But then, far from a polished product from a development kitchen, this is a first prototype – a benchmark of scientific progress."[5] Selden said afterwards she had been "fair in her negative opinion of the product".[11]

By September 2017, production costs were about $19,000 per pound of fish,[10][5] not including labour.[3] By February 2018, the company claimed to have been able to reduce production costs to $7,000 per pound.[10] The same year, Selden reported having received $3.5 million in venture capital.[12][11] Mellon said the list of investors (including Draper Associates and Babel Ventures) was "impressive", but he hadn't seen any other funding between then and December 2020, at which time he estimated Finless Foods to be 'behind BlueNalu and Wildtype.'[11]

CEO Mike Selden in April 2019

In August 2019, five startups – Eat Just, Memphis Meats, Finless Foods, BlueNalu, and Fork & Goode[13] – announced the formation of the Alliance for Meat, Poultry & Seafood Innovation (AMPS Innovation), a coalition seeking to work with regulators to create a pathway to market for cultured meat and seafood.[14]

In October 2021, Selden stated that he thought Finless might obtain regulatory approval from the FDA to sell its products within months, perhaps before the end of 2021.[4] FDA officials were said to be very helpful in explaining regulations and giving advice on how to build and operate safe and efficient production facilities, which Finless promptly implemented during the construction of its pilot plant.[4]

In May 2022, Finless Foods launched pokè-style plant-based tuna products at National Restaurant Association's Show, with national availability.[15]