Ohad Maiman and Thue Holm, co-founders of AquaFounders Capital and The Black Cod Company.
Photo: AquaFounders Capital.
The land-based farming company developed by AquaFounders Capital to focus on the full cycle production of black cod (sablefish) has announced today that it has secured an investment from InnoGo! Fund. This additional funding enables The Black Cod Company to take the next step in its development: to begin broodstock import and acclimation.
"Working to bring the first Black Cod broodstock in the EU is a significant milestone in building a solid land-based business case, on the basis of a high value species deployed at an otherwise import-dependant market," said co-founder Thue Holm, commenting on the good news.
"We are excited to take the next step in the development of The Black Cod Company with the strong support of the Province of Zeeland, and grateful for the assistance of Impuls Zeeland and the InnoGo! Fund," added co-founder Ohad Maiman.
This additional capital announcement follows development work that led to the confirmation of a fully licensed site in The Netherlands, funded by AquaFounders Capital, which we learned about last September when we found out that Kamperland, Zeeland, was the site chosen by Maiman and Holm for their latest venture, after Farm in a Box.
From there, The Black Cod Company will be the first in Europe to produce locally and sustainably in a recirculating aquaculture system (RAS) this premium fish species, popular in Michelin-starred restaurants and currently imported mainly from North America. Thus, although demand in Europe is high, supply remains limited, and it is usually distributed frozen.
Born to meet this market's demands year-round, as its founders explained to WeAreAquaculture, AquaFounders Capital's new land-based farming company chose Zeeland as its headquarters because the region offers a unique combination of clean seawater, existing permits, adequate infrastructure, and aquaculture expertise.
The selected site in Kamperland also has an existing 1,200m2 building ready to be converted to a full-cycle hatchery and initial production, as well as permits for an additional 2,000m2 grow-out facility.
In the search for the right location for The Black Cod Company, Maiman and Holm have been supported from the beginning by Impuls Zeeland.
This regional development company helps entrepreneurs transform their ideas into future-proof innovations through funding, guidance, and program and project development with the aim of achieving a more sustainable and robust economy for the region.
"From the beginning, we helped think about the location and put the company in touch with the right parties, such as governments and LNV. We also helped obtain the necessary permits," said Rogier van der Torren, Foreign Direct Investment Manager at Impuls Zeeland.
Thus, Impuls Zeeland's investment team came together to guide the company through a financing process through the InnoGo! Fund, which has now materialized in the additional investment announced today, that will allow The Black Cod Company to start importing and acclimatizing broodstock.
Powered by Impuls Zeeland itself, InnoGo! Fund is aimed at financing innovative start-ups and SMEs wishing to bring to market an innovative product, service, or process.
"It is precisely by investing early in the start-up phase that we increase the chances of scaling up and attracting follow-up financing," explained Ralph Veerhoek, Investment Manager at Impuls Zeeland.
Both AquaFounders Capital and Impuls Zeeland emphasized in their releases announcing this financing that the latter will continue to be involved in the future development of the former. "Our involvement doesn't end here. We will continue to support the company as it grows and develops," Impuls Zeeland concluded.
