Netherlands-based global aquaculture investment fund Aqua-Spark has closed USD 48 million (EUR 41.7 million) in investments in its Aqua-Spark Africa fund
Aqua-Spark launched the Africa fund in 2021, and said at launch that the fund would address challenges related to investing in aquaculture in Sub-Saharan aquaculture. While announcing the latest fund close, it said the goal is to grow Aqua-Spark Africa into a USD 250 million (EUR 217 million) platform over the next decade.
“This new open-ended fund is designed to help build the foundation for a sustainable aquaculture industry across Sub-Saharan Africa by investing in the companies, infrastructure, and innovations needed to produce sustainable, accessible, nutritious protein for the planet’s fastest growing populations,” Aqua-Spark said in a LinkedIn post announcing the successful close.
Aqua-Spark said cornerstone investors in the new fund were KfW, AgriFI – The Agricultural Financing Intiative, Gatsby Africa, and the Livelihood Impact Fund.
AgriFi said it signed a EUR 3 million (USD 3.5 million) investment in the fund. AgriFI is financed by the E.U. and managed by the EDFI Management Company, and targets impact funds like Aqua-Spark.
“This investment helps address the financing gap in a sector many still see as too risky, and will support key assets needed to scale sustainable aquaculture value chains on the continent, while also allowing AgriFI to deepen its expertise through a seat on the fund’s Advisory Board,” AgriFI said.
Aqua-Spark Africa was originally targeting a scale of USD 300 million (EUR 260 million), with an additional USD 250 million (EUR 217 million) in the next six to eight years, but that effort ended up becoming the USD 48 million close nearly five years after it was announced.
“Such great news that our Africa Fund finally closed,” Mike Velings, co-founder of Aqua-Spark, said. “Proud of our team and the investors backing this innovative open ended structure, providing the type of capital and trust that is needed to create the type of success aquaculture in sub-Saharan Africa need.”
