Advanced BioNutrition Corp Announces $7.75 Million Financing Lead by The Sea Change Investment Fund
Advanced BioNutrition Corp. (ABN) has announced a new investment round securing $7.75 Million. This Series C round was lead by the Sea Change Investment Fund, a San Francisco-based fund that focuses on investments in the sustainable seafood market. It also included existing investors Sherbooke Capital L.L.C., Emerald Technology Ventures (formerly SAM Equity Partners, Ltd.), BASF Venture Capital GmbH, and Arancia Industrial SA de CV, as well as two new private investors.
“We are pleased with the continued support of our existing investors and the addition of three new investors, giving the Company the resources with which to accomplish its mission of leadership in the sustainable aquaculture arena,” said William F. Kirk, CEO and Chairman of the Board.
Dr. David Kyle, President and Chief Scientific Officer of ABN, added, “The inclusion of the Sea Change Investment Fund to our family of investors provides the Company with an important strategic partner in the ongoing development of our sustainable alternatives for the replacement of fishmeal and fish oil in the aquaculture industry.”
“ABN has developed an alternative to fish meal and fish oil with significant long-term economic and environmental advantages. We believe ABN will help the global aquaculture industry profitably reduce its dependence on wild forage fisheries,” said Jason Winship, Managing Principal of the Sea Change Investment Fund.
The Company will use the new capital to accelerate its sales and marketing initiatives in support of its new AquaGrow® product lines based on a sustainable algae-based form of the long chain polyunsaturated fatty acid – docosahexaenoic acid (DHA). As a single ingredient, or in combination with other key essential fatty acids, the AquaGrow® products have been shown to completely replace the need for fishmeal and fish oil when added to other sustainable protein sources for the cultivation of shrimp and certain fin fish. The Company also plans to further broaden the product line into other areas of aquaculture feeds to meet the needs of consumers worldwide who desire farmed seafood products to be produced in a sustainable fashion.
