SwissShrimp, a land-based shrimp farming company in Rheinfelden, Switzerland, has announced its intention to raise CHF 8 million (USD 8.7 million, EUR 7.3 million) in new share capital to fund an ambitious expansion plan.
The company will issue up to 10,000 shares at CHF 800 (USD 875, EUR 737) each, and participation is open to private individuals as well as institutional investors, according to a company statement.
“The funding round is open until the end of August 2021, and is going well, with lots of interest from new and current investors,” SwissShrimp Joint-Founder and Managing Director Rafael Waber told SeafoodSource.
SwissShrimp and its partners have invested CHF 25 million (USD 27.3 million, EUR 23 million) into the project to date, and there are currently more than 150 shareholders. Major investors include salt producer Schweizer Salinen – which also supplies excess waste heat from its adjacent facility – engineering company Georg Fischer, and German engineering firm Spranger Kunststoffe.
The additional funds will be used in the short term to expand the current purpose-built, land-based shrimp-farming facility and double capacity to meet growing demand for the product, the company said. According to Waber, the shrimp farm was designed with potential future expansion in mind when it was built.
“In the medium term, the intention is to develop internationally by building further shrimp farms close to urban centers, using the tried-and-tested, modular approach we have in Rheinfelden. We will do this in conjunction with local partners and are interested in Europe and further afield,” Waber said.
SwissShrimp was set up in 2013 and welcomed its first postlarvae in 2018. The recirculating saltwater facility has a production capability of 60 metric tons (MT) per year, and currently harvests twice per week on demand. Around 15 kilograms of postlarvaes are imported every year, with regular deliveries of disease-free stock bought in from the E.U. and the U.S.A. to maintain stocks, according to the company.
The shrimp are grown in 16 tanks, each measuring 40 meters in diameter and five meters in depth, and are anti-biotic free.
High-end restaurants, retailers with fish counters including Migros, Coop, Manor Food, Frisch-Fisch Mercato and speciality delicatessens are the main markets for SwissShrimp, which only sells a fresh product that is delivered on the day of harvest.
The company has also put considerable effort into making its shrimp accessible to consumers by first developing a reusable fresh box for transport, and in 2020, offering packs for single households. Its website currently offers numerous sizes and presentations of shrimp, including pieces of jumbos weighing a total of 480 grams, for CHF 75.60 (USD 82.50, EUR 69.63), plus transportion costs.
In line with its zero-waste policy, excess shrimp are turned into SwissShrimp-branded products such as shrimp butter, shrimp soup, shrimp jus, and shrimp-filled ravioli.
Photo courtesy of SwissShrimp
