LocalCoho, a new North American land-based aquaculture company that produces high-quality Coho salmon in a covered farm, has secured significant new funding from Cuna del Mar. This is not only a financial boost but also a prestige-enhancing development.
The impact investment fund invests in cutting-edge aquaculture companies to identify those that have the potential to create positive disruption in the fishing industry, as well as produce sustainable and diverse supplies.
The North American company cultivates Coho salmon indoors from egg to harvest using Recirculating Aquaculture Systems (RAS) technology. As experts explain, this technology optimizes resource usage and minimizes environmental impact. This production model allows the local wildlife to thrive and enables farms the proximity to their customers.
With this multimillion-dollar investment, LocalCoho will prepare to expand its pilot facilities in the Finger Lakes region of northern New York state, even though it already features its fish on the menus of Nobu in New York and Morimoto in Philadelphia. This marks the first step in a plan to expand into other regions of the United States, with a farm targeting the Midwest.
"We were impressed by LocalCoho's business plan, management team, and their focus on providing a great-tasting fish supply close to the market," stated Robert Orr, CEO of Cuna del Mar. "Our investment's intention is to enable them to properly prepare for large-scale expansion and marketing."
However, this isn't the first major investment the company has received. Before this, in November 2022, LocalCoho secured significant funding from industry veteran Rodger May of Peter Pan Seafood to increase harvesting capacity and continue improving breeding practices. Additionally, the company received a USD 500,000 (EUR 475,548) grant from the NY Development to support its marketing efforts.
Nevertheless, LocalCoho aims to go even further. As the company explained, it is currently seeking to raise an additional USD 4 million (EUR 3.8million) by the end of 2023 to finance its next phase of growth.
The outlook is promising, and the positive sentiment from this latest investment is well-founded. As LocalCoho CEO Michael Fabbro explained: "Having an industry leader scrutinize us closely and believe in our strategy and team truly validates what we are doing."
LocalCoho, an American salmon company in the Finger Lakes Region of New York State. The company utilizes state-of-the-art RAS technology to cultivate Coho salmon from egg to harvest, prioritizing resource efficiency and environmental sustainability. Their commitment to innovation and production of wholesome, locally sourced food contributes to a more sustainable future. LocalCoho has expanded its premium salmon supply to chefs and consumers across the Northeast region. Furthermore, the company and holds certifications as a BAP certified and a Monterey Bay Aquarium Seafood Watch "Best Choice."
Cuna del Mar dedicates itself to advancing open ocean aquaculture techniques. Focusing on that purpose they pursue technologies that prioritize economic viability and environmental and social responsibility. For that reason, their investment strategy focuses on businesses poised to bring positive change to the industry through disruptive innovations.
