Private equity firm Bluefront Equity has invested in Naviaq, a supplier of software solutions that standardizes workflows for fish farmers, servicers, and wellboat operators.
The investment is made through a combination of a share issue and purchase of shares from existing shareholders. With the investment, Bluefront Equity becomes Naviaq’s largest owner with a shareholding in excess of 50 percent. Naviaq’s remaining shares are owned by the company’s co-founders and key employees.
“Naviaq has developed a fantastic software which contributes towards making the aquaculture industry more data-driven, efficient, and sustainable,” Bluefront Equity Partner Simen Landmark said. ”We believe that the demand for their solutions will increase considerably in the future. That is why we are investing in the company.”
As part of the deal, Landmark has become a new board member of Naviaq. Bluefront Equity will be allowed to name two additional members to the company’s board.
Primarily serving the Norwegian market, and with other customers in Iceland, Naviaq has developed a tool that provides a full overview of operations, maintenance, assets, logistics, technical data, equipment, time-use, resources, competence, and environmental data for aquaculture operations, according to the Trondheim, Norway-headquartered company’s managing director, Lisbeth Plassen.
“Our systems make it significantly easier for industry players to comply with NYTEK 23, when the regulation takes effect on 1 January, 2023,” she said.
Issued by Norway’s fisheries department, NYTEK 23 is a set of technology-neutral regulations intended to help prevent the escape of farmed fish by ensuring proper technical standards at facilities.
SalMar Farming and the service companies Frøy and AQS are among the companies who already use Naviaq’s systems. They utilize both Naviaq’s operations and maintenance systems, as well as operation management systems for service vessels.
Naviaq expects revenue of NOK 11 million (USD 1 million, EUR 1.1 million) in 2022, almost doubling its 2021 total.
“We have spent seven years developing today’s systems, which both we and our customers are very satisfied with. Going forward we will spend more time and energy on making the systems known in the aquaculture industry, both in Norway and internationally. That means hiring more skilled colleagues going forward,” Plassen said.
In June, Bluefront Equity invested in Norwegian refrigerant tech firm Proff Kulde. The independent private equity fund with a focus on the sustainable seafood value chain previously invested in three other seafood-focused companies.
Photo courtesy of Naviaq
