Cubiq Foods announced raising €5 million from Blue Horizon Ventures and Moira Capital Partners.

Cubiq Foods, a Barcelona, Spain-based manufacturer of cell-based fats, announced the completion of a €5 million ($5.4M) capital investment round.

The funding was provided by Blue Horizon Ventures and Moira Capital Partners and will be used to produce fats on an industrial scale, making them commercially available to domestic and international markets later in 2020.

Cubiq Foods, founded in 2018 by Raquel Revilla, Andrés Montefeltro and Jordi Bladé, developed a platform to cultivate cell-based oils rich in omega-3s as well as patented methods to prepare oil/water emulsions that can be healthy replacements for traditional fat ingredients. The comapny claims to be the first to produce high-quality omega-3s.

In 2019, Cubiq announced a funding round totalling €12M ($14.6M) to be paid in two tranches - €5 millon in 2019 for an R&D laboratory and a pilot plant with the capacity to produce up to 5.6 tons per year and €7 million in 2021 as the capacity of the plant will be increased to 700 tons per year.