Amsterdam, Netherlands-headquartered land-based aquaculture firm AquaFounders Capital has taken major steps forward with its strategy to build two new companies from the ground up.
The firm, set up by Ohad Maiman – founder and former CEO of Dutch yellowtail-farming firm The Kingfish Company – and Thue Holm – founder and former CTO of Norwegian salmon-farming company Atlantic Sapphire – has now delved into plug-and-play aquaculture technology with its Farm in a Box venture, as well as cod farming through the Black Cod Company.
Farm in a Box is a plug-and-play solution for modular land-based fish farming, and it has evolved to the point of being production-ready.
“Jørgen Clausen, chairman emeritus of [manufacturing firm] Danfoss, reached out to us a few months ago to discuss land-based aquaculture,” Maiman told SeafoodSource. “He had identified that pig farmers in Denmark produce twice the tonnage of Norwegian salmon but only receive one-third to half of the revenue. The idea is to showcase to Danish farmers and the agriculture industry globally that by adding a few units of land-based aquaculture into their operation, they can improve profitability.”
Though it’s a young initiative, it has already become a founding partner in GreenScale, a hub that brings together Danish research institutions, producers, and technology partners with the aim of creating standardized, land-based fish farms as a supplement to Danish agriculture.
“Farm in a Box is the ideal partner for GreenScale, and we are excited to be involved in this venture,” Maiman said. “We have worked hard to ensure that the design uses the latest technology to offer minimal CO2 emissions and water consumption, a biosecure environment that does not require use of antibiotics, and has minimal nutrient emissions. We hope that the first farm will be established in 2026 and that it will help to revolutionize the Danish agriculture industry.”
Trout will be the first species farmed under the initiative.
Farm in a Box has also announced a strategic partnership with ReelData AI, whose artificial intelligence solutions are designed to optimize feed conversion ratios and growth rates, provide accurate biomass estimation, and deliver precise fish counting. The collaboration is designed to provide farmers with scalable, cost-effective, highly efficient, and reliable land-based aquaculture technology solutions all in a ready-to-use package.
Maiman and Holm have also set up the Black Cod Company, which is working to develop the first land-based black cod (Anoplopoma fimbria) farm in the E.U.
The pair announced in September that a site for the firm’s first farm had been secured in the province of Zeeland in the Netherlands and that they had received approval to farm this species, following a year-long planning process.
The new site, which has adjacent land for possible expansion purposes, includes an existing building which will be converted into a hatchery, with recirculated aquaculture system (RAS) grow-out tanks for the initial trial volume.
The company is currently working to secure broodstock and financing to undertake the work, but Maiman is confident that the project is on track.
Black cod, also known as sablefish, is a deepwater species native to the U.S. Pacific Northwest and Alaska, with annual landings totaling around 31,298 metric tons, according to NOAA, with sales values reaching USD 178 million (EUR 163.6 million, GBP 136.2 million) annually. Though interest has been growing in commercial farming of black cod, currently, there is only one small net pen farm in Canada.
Maiman and Holm said they are confident in their research that shows market demand for this fish will be strong, particularly in Japan, the Middle East, and more locally in the E.U. among high-end customers.
“The Black Cod Company is possibly the first of several similar projects, and that depends on identifying the right species and the right location; for now, as far as farming operations are concerned, we are firmly focused on getting black cod right,” Maiman said.
To date, Maiman and Holm have put up the seed funding for both Black Cod and Farm in a Box but are also preparing for an A series round.
“We are talking to a number of interested strategic investors. It’s important to have people who understand the sector and are supportive of it,” Maiman said.
He remains confident, but mentioned that the investment environment is tougher than a few years ago.
“Previously, there was a wide range of funds, and the focus was on major scale, whereas the mood now is more about finding the fastest route to profitability before scaling up. Capital is still available, but projects are finding it difficult to access them if their route to break even is too long. On the plus side, it does look as though it might be spring again,” he said.
Black Cod Company and Farm in a Box are independent and have separate investors, but AquaFounders Capital is financially involved and undertakes executive management of both.
