Hatch celebrates raising €75 million for Blue Revolution Fund


 

This substantial commitment marks the second close of the fund and, according to Hatch, it will further support innovative solutions and contribute to the growth and sustainability of the global aquaculture industry.

As Georg Baunach, managing partner and co-founder of Hatch Blue remarked: “We are thrilled to have now met our fundraising target of €75 million, and expect to exceed it in the next months. Though the closing took longer than anticipated, we are now exceptionally well-positioned to support entrepreneurs in our sector. As a specialised fund, our approach is to collaborate closely with teams where we can offer significant value.”

“The expertise and extensive network within our investment team, the broader Hatch Blue group, and our extended ecosystem have been instrumental in attracting the confidence of our LP. We’re particularly pleased to see increased commitments from institutional investors compared to the first close, as their involvement is pivotal for fostering a robust impact investment ecosystem,” he added.

Notable investors

Welcoming the European Investment Fund (EIF), the Irish Strategic Investment Fund (ISIF), and Rentenbank from Germany as notable investors, the Blue Revolution Fund stands as a collaborative effort to drive positive change in the aquaculture landscape.

Commenting on the investment, Marjut Falkstedt, chief executive of the EIF stated: “We are very glad to support the Blue Revolution Fund in its mission to drive innovation and sustainability in the aquaculture sector, with the backing of the InvestEU programme. This investment is in full alignment with the EU’s commitment to fostering a blue economy that promotes economic growth while protecting our marine ecosystems.”

Cathal Fitzgerald, senior investment director, food and agriculture, at ISIF said: “Supporting the development of Ireland’s marine resources is a key focus of ISIF’s food and agriculture strategy, and there are many Irish companies developing innovative ways to improve the sustainable use of those resources.”

“This commitment to Hatch’s Blue Revolution Fund will drive an opportunity to tap into the potential of these companies while creating new employment opportunities in coastal regions. We look forward to working with Hatch,” he added.

First investments

The Blue Revolution Fund has already made substantial progress in its mission, with initial investments in innovative aquaculture ventures:

  • New School Foods: A Canada-based food technology company that is focused on developing new plant-based seafood alternatives. New School Food’s unique technology delivers an animal-like structure and a raw-to-cooked cooking experience.
  • DeNova: A Canada-based fully integrated single-cell protein producer. DeNova aims to replace soy protein and fish meal in aqua feeds, addressing crucial environmental challenges in the aquaculture sector.
  • Wholechain: A US-based company with a SaaS business model-based traceability solution. Wholechain’s solution caters to multiple protein and non-protein products, offering comprehensive traceability across various supply chains.
  • CageEye (FKA Bluegrove): A Norwegian company focused on improving feeding processes in aquaculture. CageEye utilises echo-sounding devices to identify the feeding behavior of fish in cages, particularly salmon, in real time.
  • ChucaoTec: An Irish-Chilean company producing nanobubble oxygenation technology for the salmon and shrimp farming sectors. Chucaotech’s innovative technology is set to revolutionise oxygenation practices in aquaculture, enhancing sustainability and efficiency.

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