Aerial view of Matorka's hybrid flow-through arctic char farm in Iceland during the winter season.
Icelandic land-based arctic char farmer Matorka has secured a €2.7 million capital raise, with the funding subscribed almost entirely by existing shareholders, as the company continues its push towards 3,000 tonnes of annual production.
The successful private placement was announced by MAR Advisors today via LinkedIn, and was confirmed to WeAreAquaculture this afternoon by CEO Christo du Plessis, who said the raise underlined investor confidence in the company.
“The raise is as stated EUR 2.7m, almost exclusively from existing shareholders. This shows their commitment to the project and the progress we have made since the seismic events in late 2023 that severely impacted our farm and operations,” he said.
“We have since repaired damaged infrastructure in full and also made upgrades to the farming infrastructure,” the CEO told WeAreAquaculture.
Du Plessis added that the new capital would increase liquidity and provide working capital “to ramp up standing biomass and accounts receivable as well as further infrastructure improvements”.
“Our first aim is still to grow to 3,000 tons of annual production,” he added.
Matorka also recently announced it had made progress in its broodstock development program, with several hundred fish already at its facilities in Fellsmúli.
