Seafood investor Bluefront Equity has invested in Naviaq AS, which supplies software solutions that standardize, safeguard and streamlines workflows for fish farmers as well as service and wellboat operators.

“We have effectively developed a tool that provides a full overview of operations, maintenance, assets, logistics, technical data, equipment, time-use, resources, competence, and environmental data. Our systems make it significantly easier for industry players to comply with NYTEK23, when the regulation takes effect on 1 January 2023,” says Lisbeth Plassen, managing director of Naviaq, Lisbeth Plassen.

SalMar Farming and the service companies Frøy and AQS are among the companies that already use Naviaq’s systems. They utilize both operations and maintenance systems as well as operation management systems for service vessels.

Investing in sustainability

Bluefront Equity invests in companies with products, services, and technology that contribute towards a more sustainable value chain for seafood. This includes, among other things, digitalization and automatization of the aquaculture industry.

“Naviaq has developed fantastic software which contributes towards making the aquaculture industry more data-driven, efficient, and sustainable. We believe that the demand for their solutions will increase considerably in the future. That is why we are investing in the company,” says Simen Landmark, a partner in Bluefront Equity.

Becomes majority owner

The investment comes through a combination of a share issue and the purchase of shares from existing shareholders. Bluefront Equity becomes Naviaq’s largest owner with a shareholding of over 50 percent. The remaining shares are owned by the company’s co-founders and key employees.

“We look forward to cooperating with Bluefront to further develop Naviaq as a leading software company in the aquaculture industry,” says Naviaq’s chairman Ivar Strand. Naviaq expects revenue of NOK 11 million in 2022, almost a doubling from the previous year.

Bluefront Equity’s partner Simen Landmark becomes a new board member of Naviaq. Bluefront Equity will also strengthen the board with two additional members.

International ambitions

Naviaq is headquartered in Trondheim. The company has eight employees, including management, technical support, and developers. Naviaq’s main geographical market is Norway, but the company also serves customers in Iceland.

“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,” says Lisbeth Plassen.