Dealflow | January 25, 2024

India’s AquaExchange nets $6 million to meet growing demand for farmed seafood

Lucy Ngige
Guest Author

Lucy Ngige

ImpactAlpha, Jan. 25 – Global consumption of farmed fish is on the rise, and India is the second largest producer.

AquaExchange’s app offers monitoring, procurement, sustainability advice and financial services to help India’s aquaculture farmers optimize their operations and meet the global demand surge. The Vijayawada-based company’s $6 million Series A round was led by blue economy impact investor Ocean 14 Capital (O14C) with participation from existing investors Endiya Partners and Accion Venture Labs. 

Blue economy bucks

UK-based O14C makes equity investments for growth stage blue economy companies via its Ocean 14 Capital Fund I which is backed by Monaco’s sovereign wealth fund, the European Investment Fund (EIF) among other investors. Its latest funding from IKEA’s Ingka Investments has pushed the fund to $174 million (€160 million) of a €200 million target.

Separately, Boston-based Propeller raised $117 million for its first early-stage venture fund that will invest at the intersection of ocean and climate solutions. The fund has invested in 14 ventures to date, including carbon removal startups Ebb Carbon and CarbonRun, and Navier, an electric hydrofoil boat.