Aquaculture venture group Hatch Blue has launched its aquaculture accelerator program, providing funding to a group of 10 companies in North America and Southeast Asia.
The latest accelerator, dubbed Accelerator 5.0, is the first time Hatch has run its accelerator program since 2020. Based in Ireland, Hatch Blue has funded 39 companies through the program, and 60 percent of those companies have gone on to raise more funding, building its portfolio to more than USD 100 million (EUR 92 million).
Hatch announced it was seeking applications in May. The program take place over 10 weeks from 26 June until 28 September. Each company will receive an initial investment from Hatch of between USD 150,000 and USD 300,000 (EUR 138,000 and EUR 276,000), with the possibility of follow-on funding.
“This year’s accelerator was as always incredibly competitive in terms of applications and the selection process was challenging, given the number of quality companies vying for a slot on the programme,” Hatch Co-Founder and Managing Partner Wayne Murphy said.
Murphy added that half of the cohort Hatch ended up selecting have already worked with the group via its Global Innovation Studios, a program that mainly works with earlier stage projects that are not ready for an equity investment. The fact that multiple companies moved on to the next stage reinforces the strategy of working with early-stage ventures and bringing them to a point they need investment, he said.
Participants in the program, Hatch said, will spend two-and-a-half weeks in Hawaii, 10 days in Norway, and 10 days combined between Singapore and Vietnam.
The 10 companies are:
- GreenSage Prebiotics, an aquaculture and feed ingredient company with a product derived from coconuts that improves the health of both shrimp and salmon.
- Halophilic Marine Agriculture, which is working to cultivate salt-tolerating plants and seaweeds that can be grown in disused shrimp aquaculture ponds and marine hydroponic systems.
- Blue Pond Group, a Singapore-based company that uses seaweed extracts to control diseases in shrimp and other aquatic species.
- Pacific Hybreed, a company developing a Pacific oyster and Manila clam seed stock that is optimized for specific growing conditions, with the goal of enhancing the growth and resilience of shellfish aquaculture on the west coast of North America.
- EcoHarvest, a hatchery technology group developing technology for precision feeding, monitoring, and control of the larval environment of a variety of ornamental and food fish species.
- Hedros Bio, which has developed aquaculture platform technology leveraging bacteriophage-based solutions to replace and reduce the use of antibiotics. According to Hatch, the company is currently focusing on a product to counter AHPND (Acute Hepatopancreatic Necrosis Disease) in shrimp.
- Coast 4c, a company building “the world’s largest supply chain” for regenerative seaweeds, with an initial focus on eucheumatoids and carrageenan production.
- Living Seas Aquafeeds, which has developed a fermentation process for seaweeds and marine plants that creates supplements for shrimp aquaculture to improve growth, health, and productivity.
- Certified Quality Foods, a company developing a device to objectively measure animal health and food quality.
- The Crop Project, a company building a scalable model for drying and milling kelp to extend its shelf life and open new markets.
“Each of the previous accelerators has managed to help shape some incredibly capable entrepreneurs and impactful technologies, which have gone on to attract over USD 100 million in follow-on funding,” Greg Barbour, the executive director of the Hawaii Natural Energy Laboratory of Hawaii Authority – where the program kicked off – said in a release. “I look forward to seeing that level of progress and impact continuing with this year’s cohort and beyond.”
Photo courtesy of Hatch Blue
