The Kingfish Company has successfully raised EUR 32 million in an unsecured convertible loan. The majority of the convertible loan is allocated to existing key shareholders, while EUR 11 million will be allocated to the sustainability-focused Ocean 14 Capital Fund.
Ocean 14 is an impact fund investing in venture and growth companies and technologies that offer sustainable solutions for the ocean. The Ocean 14 team has over 25 years of aquaculture industry experience, including significant experience with RAS technology, further complementing the company's list of reputable investors.
The net proceeds from the convertible loan shall be used to make the company's operations cash-positive and finance completion of the company’s expansion of production capacity in its facilities in Zealand, the Netherlands, as well as general corporate purposes.
“The successful placement of the convertible loan will secure the completion of Phase 2. We are in the process of more than doubling our production capacity to meet the increasing demand for Dutch yellowtail. The proceeds from the convertible loan will provide full funding for the expansion until we reach positive cash flow from operations and sustainable profitability,” said Vincent Erenst, chief executive officer of the Kingfish Company.
“Production in the first of two grow-out systems in Phase 2 began in May 2023. The new facility has been running very well since the start and we are proud to have increased biomass by more than 100 tons in just over one month time. This is a testament to the advanced design and the skills of our team,” said Erenst.