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LocalCoho is seeking to raise an additional USD4 million by the end of 2023 to fund its next growth phase.
LocalCoho Secures Major Investment from Cuna del Mar Impact Fund
(UNITED STATES, 10/2/2023)
LocalCoho, a land-based aquaculture start-up that raises premium Coho salmon at an indoor farm, has secured significant new funding from Cuna del Mar.
The impact investment fund invests in leading-edge aquaculture businesses with the potential to create positive disruption in the seafood industry and produce a sustainable and diverse supply of healthy, wholesome fish.
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| Robert Orr. |
“We were impressed by the LocalCoho business plan, management team, and their approach to building supply of a great tasting fish close to market,” said Robert Orr, Managing Director of Cuna del Mar. “The intent of our investment is to enable them to properly prepare for full scale up and commercialization.”
LocalCoho grows Coho salmon indoors from egg to harvest using Recirculated Aquaculture Systems (RAS) technology. This emerging technology aims to optimize resource use and minimize impact on the local environment and wildlife and allows farms to be sited in areas local to the customers they serve.
The multi-million-dollar investment will allow LocalCoho to prepare for expansion of its pilot facility in the Finger Lakes region of upstate New York and start mapping a plan for growth in other regions of the U.S., with a farm eyed for the Midwest. Its fish are already on the menus of Nobu in New York and Morimoto in Philadelphia.
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| LocalCoho is a pioneer in producing local, sustainable seafood through innovative land-based farming using Recirculating Aquaculture Systems technology. |
“Cuna del Mar is a pioneer in supporting aquaculture companies helping to preserve the health of our oceans by using innovative approaches to growing fish. Their investment provides capital to advance our vision allowing us to get one step closer to expansion,” says LocalCoho CEO Michael Fabbro.
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Michael Fabbro.
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“That such an industry leader vetted us thoroughly and believes in our strategy and team truly validates what we are doing.”
This is the second major investment for LocalCoho in the past year. The privately held company received significant funding in November 2022 from seafood industry veteran Rodger May of Peter Pan Seafood to increase harvest capacity and continue to improve husbandry practices.
The company also received a USD500,000 grant from New York State Development in 2022 to help commercialize its business.
LocalCoho is seeking to raise an additional USD4 million by the end of 2023 to fund its next growth phase.
About LocalCoho
LocalCoho is an American salmon company raising Coho salmon in the Finger Lakes Region of New York State. Salmon are grown indoors from egg to harvest using Recirculated Aquaculture Systems (RAS) technology. This cutting-edge technology aims to optimize resource use and minimize impact on the local environment and wildlife.
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The Monterey Bay Aquarium Seafood Watch rates LocalCoho a coveted “Best Choice” sustainability rating based on its stringent criteria including minimal impact on the ecosystem, strong fishery management and the excellent health of the fish eggs and the fish itself.
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The company’s aim is to innovate and produce healthy, delicious local food for a more sustainable future. LocalCoho has recently started supplying premium salmon to American chefs and consumers throughout the Northeast region. The company is BAP (Best Aquaculture Practices) certified and a Monterey Bay Aquarium Seafood Watch “Best Choice.”
About Cuna del Mar
Cuna del Mar explores, supports and develops open ocean aquaculture methods and other enabling technologies that are economically viable as well as environmentally and socially responsible. We invest in businesses that have the potential to create disruption in the industry by being positive change agents to produce a diverse supply of healthy, wholesome seafood.
Source: LocalCoho
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Information of the company:
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Address:
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4022 Technology Park Blvd.
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City:
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Auburn
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State/ZIP:
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New York (1302)
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Country:
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United States
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Phone:
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+1 (315) 253-2375
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E-Mail:
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[email protected]
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Skype:
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https://www.instagram.com/LocalCoho/
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