Bluefront Equity invests in growing aquaculture businesses that improve ocean health and aquatic welfare. The Norwegian investor attracted $100 million from new and existing investors for its second fund. The European Investment Fund kicked in $35 million (€30 million). Novo Holdings, which manages assets for Novo Nordisk Foundation, and the UK’s Esmée Fairbairn Foundation also joined as new investors.
Nordic institutional investors and family offices Klaveness Marine, TD Veen, Havfonn, the Steensland group, 3S Invest and Cubera, all prior investors, reupped for Bluefront’s second fund.
“The fact that the largest investors from our first fund choose to invest in the second fund too, is a strong confirmation of the healthy development our first fund has seen,” said Bluefront’s Simen Landmark.
Lukas Walton’s Builders Vision backed the fund in February this year to help it reach a first close.
Private equity interest
Investor interest in oceans and sustainable seafood is growing. Aquaculture can produce protein with significantly fewer emissions and environmental impact than an equivalent kilogram of poultry, pork or beef.
Singapore’s 8F Asset Management raised $460 million earlier this year for the first close of its third aquaculture fund, as well as a 33 billion Japanese yen ($209 million) loan from Japanese banks. The funding will help 8F set up a land-based salmon farm in Japan.
France’s SWEN Capital Partners snagged €160 million ($183 million) for its second ocean fund.
Sustainable protein
Bluefront takes majority positions in companies that improve efficiency and provide key services such as sanitization and fish health monitoring. Its second fund has already backed three ventures, including Cryogenetics which preserves the genes of aquatic species and optimize their breeding, and Horizon Software which provides biological and financial planning software for aquaculture farms.
In April, Bluefront acquired the aquaculture business of Piscada, which provides software for the fish farming industry.
