Kingfish Zeeland, which is expanding its land-based recirculating aquaculture system (RAS) yellowtail farm in The Netherlands and building a new facility in Jonesport, Maine, U.S.A., has announced its funding sources for its new projects.
Creadev, an investment firm based in Paris, France, and Rabobank Corporate Investments headlined those involved in the strategic funding round announced by the Kats, The Netherlands-based aquaculture specialist said on Tuesday, 3 December.
“As we turn a page from a successful proof of concept to substantial commercial expansion, we are excited to add tier-one professional investors with significant industry know-how to our board,” Kingfish Zeeland CEO Ohad Maiman said in a press release. “As we strive to maintain and advance a first-mover position in the premium RAS farming sector, we are confident that reputable and capable partners such as Rabobank and Creadev will be instrumental in supporting our growth, and reflect our achievements to date.”
Kingfish Zeeland formally announced its expansion into Jonesport at a public meeting there on Wednesday, 20 November. At the event, Kingfish Zeeland CFO Itay Young said the company’s new phase of expansion would be funded in a different manner than its previous development had been.
“In the past, we have worked with high-net-worth individuals and families … but we are moving away from that into industry players,” he said.
Kingfish Zeeland is “now focusing on delivering expedited growth with the plan to exceed installed capacity of 20,000 tons per annum in the E.U. and U.S. within five years,” according to the press release. More funding will be required to achieve that goal, it added.
“With the closing of this transaction, the company secured funds to conclude its design & engineering of prototype grow-out modules for Yellowtail Kingfish, permit its European grow-out plans, permit its selected U.S. site near the town of Jonesport in Maine, and almost double its current production capacity within 12 months,” Kingfish Zeeland said. “It is anticipated that the company will engage in further private and/or public capital raises in the mid-term to pursue its expedited growth initiatives.”
Creadev Innovation has invested more than EUR 1 billion (USD 1.1 billion) into start-ups it sees as promising, according to Creadev Investment Associate Alexandre van der Wees.
“Creadev is pleased to accompany Kingfish Zeeland in its aim of growing high-quality sustainable seafood worldwide. This investment fits into Creadev Innovation’s food and agriculture strategy of supporting on the long-run, cutting-edge start-ups in the aquaculture, vegetal, and food-chain segments,” van der Wees said.
Rabobank Corporate Investments’ Joost Vogels said it invested in Kingfish Zeeland because it found the company to be a “fast-growing innovator.”
“As a sustainable aquaculture disruptor, with a first-mover advantage in the on-land production of premium yellowtail, Kingfish Zeeland seamlessly fits Rabobank’s mission ‘Growing a better world together,’” Vogels said.
Photo courtesy of Cliff White/SeafoodSource
