Sustainable aquaculture fund Aqua-Spark has announced investments in aquaculture technology companies BioFishency and Molofeed.
BioFishency, based in Misgav, Israel, specializes in water treatment systems for use in land-based aquaculture. The company, which was established in 2013, claims its technology has demonstrated a 95 percent reduction in water use for intensive tanks, a two-to-fivefold increase in yields for extensive ponds, two times greater nitrification (ammonia removal) for improved water quality, and significant increases in yield per water and land use.
Last year, it doubled its sales to more than USD 1.3 million (EUR 1.2 million), and ongoing negotiations include a number of large projects in China. BioFishency sells its Single Pass BioFilters in various capacities as plug-and-play, complete systems, and manages turnkey projects. Its systems are in operation in Israel, Congo, Bangladesh, India, Indonesia and China, with “strong interest” for additional units also coming from Nigeria and Vietnam.
Aqua-Spark and its own parent company investor The Trendlines Group were the primary investors in BioFishency’s latest round of funding, which raised USD 2.4 million (EUR 2.1 million) in total. BioFishency co-CEO and co-founder Igal Magen said the investment was “extremely important” and would enable the company to develop in a number of ways.
“We have begun to set up a Chinese operation, following our success in selling to the Chinese market. China makes up 60 percent of the world market for our products,” Magen said. “Having a Chinese entity places the company in the heart of its main market, which presents the potential for raising additional capital and receiving government support in China in the future. The funds will also enable us to continue our R&D to provide additional aquaculture solutions for the market."
BioFishency represents Aqua-Spark’s first investment in filtration technology, and the fund’s co-founders Mike Velings and Amy Novogratz said they were attracted by its commitment to sustainability and accessibility.
“BioFishency's technology enables the production of more fish per unit on land and in water while reducing the environmental impacts. This is imperative in sustaining the growth of aquaculture while reducing environmental effects," they said.
Since 2015, Aqua-Spark has invested in 16 complementary SMEs, and consequently has EUR 57 million (USD 64.2 million) under management, dedicated to investments in elements of the aquaculture industry aimed at improving fish farming sustainability.
The goal of the fund is to grow to EUR 72.5 million (USD 81.6 million) assets under management (AUM) by 2030.
Also announced on 27 March, Aqua-Spark invested in Eidsvåg i Åsane, Norway-headquartered Molofeed, which has invented a new feed formula that can replace live feed earlier in the larval rearing cycle than other products on the market.
The company’s proprietary larval feed for marine finfish and shrimp is based on proprietary micro-encapsulation technology, which “makes it possible to include pre-digested and other water-soluble components in a capsule, and slow-release nutrients after feeding,” the company said in a press release.
“The method is based on years of research on means to reducing dependency on live prey in marine fish and shrimp larval production. The production is based on sustainable ingredients and the product is aiming to improve both efficiency and reducing cost in finfish and shrimp larval production,” Molofeed said.
In addition, the technology has additional potential applications, including acting as a delivery system for bioactive peptides, immunostimulants, and probiotics, Molofeed said.
“We share the same vision as Aqua-Spark – a more sustainable aquaculture industry that’s capable of meeting our global food production needs,” Molofeed Founder Ingmar Høgøy said. “We are honored to be part of the Aqua-Spark family of companies working towards growing an improved aquaculture industry.”
Aqua-Spark’s investment in Molofeed will be put towards marketing and increasing production capacity, the company said.
“These two companies exemplify what we set out to do with Aqua-Spark,” Novogratz and Velings said. “While in different parts of the value chain, through advanced technology and innovative thinking, they’re each moving the needle for a more sustainable future for aquaculture. As the industry continues to grow, we need to support the practices and technologies that are improving how we grow fish so that aquaculture can reach its potential as the healthiest, most resource-efficient animal protein.”
Photo courtesy of BioFishency
