Netherlands-based Aqua-Spark was one of the earliest impact investment firms to focus on sustainable seafood and fishing economies (see, “Aqua-Spark: Investing in aquaculture for a protein-hungry planet”). Its open-ended fund for sustainable fisheries in Africa secured a $48 million investment with backing from the EU’s agriculture financing initiative, AgriFi, German development bank KfW, and the Livelihood Impact Fund. Gatsby Africa, the private foundation of the family behind UK supermarket chain Sainsbury’s, also invested; Aqua-Spark’s Ben Gimson formerly led Gatsby Africa’s investment team.
Aqua-Spark hopes to raise $250 million over the next decade for its Africa strategy, which invests in hatcheries, fish farmer services, and technologies that improve operations and yields for small-scale producers. Tilapia farming has strong potential, Aqua-Spark says.
By moving growth capital to early-stage ventures, it hopes tilapia farms will “start to meet the criteria of larger investors.”
Africa portfolio
Aqua-Spark has backed fresh and frozen tilapia producer Lake Harvest, which operates in Zimbabwe, Zambia, Kenya and Uganda; Chicoa fish farm in Mozambique; Indian Ocean Trepang, a sea cucumber producer in Madagascar; and Aquarech, which links small and mid-sized fish farmers in Kenya to markets and fish feed.
The Dutch firm’s global portfolio stretches to more than 20 companies. It faced a substantial setback in its assets under management last year when eFishery, a portfolio company in Indonesia, went bust following fraud allegations.
