Aquaculture venture group HATCH Blue is seeking applications to participate in its first accelerator program since 2020.
Ireland-based HATCH Blue has funded 39 companies through its accelerator program, which works with innovative seed or pre-seed startups to develop and fund new aquaculture, alternative seafood, marine biotech, and blue carbon solutions.
The latest edition of the program, dubbed Accelerator 5.0. will be restricted to U.S.-based companies.
“The timing is right for us to create a U.S.-focused program, as the region is fertile ground for innovative ideas, entrepreneurial talent, and smart investment capital,” HATCH Co-Founder and Partner Wayne Murphy said.
Participants accepted into the 2023 program will receive an initial investment between USD 150,000 to USD 300,000 (EUR 136,388 to USD 272,764), with the possibility of additional funding later. Nearly 60 percent of accelerator alumni have gone on to raise more funding, with the portfolio raising more than USD 100 million (EUR 91 million) in total.
Once accepted, participants will embark on a 14-week global program with stops in Norway, Singapore, and Vietnam to meet international experts and investors. The program kicks off with a two-and-a-half-week event hosted by the Natural Energy Laboratory of Hawaii Authority in Hawaii, U.S.A. In between trips, startups will take part in online events and activities. The program runs from 26 June to 28 September, and companies will have access to free office space in Hawaii for up to a year afterward.
The accelerator works with a wide variety of technologies and products. A member of the last cohort, Canada-based Blue Lion Labs, developed a machine-learning algorithm to detect sea lice larvae and harmful algae.
“We entered the accelerator with very little aquaculture knowledge and network,” Blue Lion Labs CEO Jason Deglint said. “However, by the end of the program, we could communicate to end users and had developed relationships with key market players. It's been over two years since Blue Lion Labs completed the program and HATCH is still supporting us by providing guidance on business decisions and valuable introductions to investors and partners.”
Applications are due 8 May.
Launched in 2017 as an aquaculture technology accelerator with just three founders, HATCH Blue has grown to 24 staff. The venture capital firm closed its first USD 8.4 million (EUR 7.6 million) fund in 2020, and later that year spun off Hatch Investments and Hatch Innovations Services as new business units.
HATCH Blue also has expanded beyond aquaculture to include new, related sectors. In 2020, HATCH Blue added the alternative seafood sector to its portfolio. Marine biotech and blue carbon solutions are new additions for the 2023 cohort.
Photo courtesy of HATCH Blue/Facebook
