Nazaré, Portugal-based clam-farming firm Oceano Fresco has closed a EUR 17 million (USD 18.3 million) funding round.
Oceano Fresco farms native European clams (Venerupis corrugata and Ruditapes decussatus) at its BioMarine Center hatchery and at an open-sea clam farm in Lagos, Portugal.
“In the Atlantic Ocean’s pristine waters, the clams are protected by vertical lanterns suspended along longlines, benefiting from ideal conditions such as mild temperatures, abundant natural food supply (microalgae), and constant water renewal to become fully grown, high-quality open-sea clams,” the company said.
Indico Capital Partners was the lead investor in the latest round of funding, with BlueCrow, FdCR – a fund managed by Banco Português de Fomento – and Aqua-Spark – which previously invested in the company’s EUR 6.1 million (USD 6.9 million) Series B round – participating. The funding will go toward growing Oceano Fresco's sales operations and the expansion of its production capacity.
“For Oceano Fresco, having knowledgeable partners who share our values and vision is at least as important as raising money per se,” Oceano Fresco CEO Bernardo Carvalho said. “With this in mind, we very gladly welcome Indico Capital Partners and Banco Português de Fomento to this adventure, just like we welcome Aqua-Spark’s and BlueCrow’s renewed support, as we continue on our path to become the world leaders in regenerative bivalve aquaculture.”
Oceano Fresco’s vertically integrated operations aim to provide a steady supply of clams that are both highly sought-after and currently in decline and threatened by exotic and invasive species, according to the company.
“Our commitment to our customers is to provide a reliable, year-round supply and business partnership to reestablish consumption of premium clams – both out of home and in-home,” the company said. “We supply customers in Spain and Portugal and soon will expand to other European markets.”
Indico Capital Partners is an independent venture capital fund manager based in Portugal, investing in Iberian technology companies, with an emphasis on sustainability-focused investments.
“We are thrilled with being part of Oceano Fresco vision of creating a new sustainable aquaculture vertical that will add to the global protein increasing demand,” Indico Capital Partners Managing General Partner Stephan de Moraes said. “The demand for clams specifically far outstrips current supply and growing them sustainably and systematically makes sense at all levels.”
Oceano Fresco said it aims to avoid major negative impacts of other forms of food production by not using artificial feed antibiotics, and it contributes positively to the environment through carbon capture and enhancing biodiversity in its open-sea farm.
“The Capitalization and Resilience Fund's investment in Oceano Fresco reinforces the BPF's commitment to the blue economy by supporting an innovative start-up based in Nazaré that is positioning itself in sustainable aquaculture aimed at cultivating high-quality shellfish in Portugal,” Banco Português de Fomento CEO Ana Carvalho said. “This is the fund's first investment in the blue economy, which we believe could start a cycle of BPF support for this priority sector of the national economy.”
