Spanish shrimp funding

Noray advised that it will use the funds to ramp up the production capacity at its facility in Medina del Campo, about 1.5 hours north of Madrid, and supply its product to more retailers and foodservice outlets.

The funding transaction was led by Creadev with co-investors SWEN Blue Ocean, Stellar Impact (managed by Telos Impact) and existing investors.

“We are very pleased with this significant milestone for Noray and welcoming a group of investors with such an aligned mission to ours; supporting the Farm to Fork Strategy at the heart of the European Green Deal, or as we have been calling it, ‘pond to plate’,” Noray Seafood, COO & CFO, Lars L Backer, said.

Noray farms its Aquaculture Stewardship Council (ASC) certified shrimp using microbial technology, with the animals grown in a controlled bacterial culture environment. Its antibiotic- and chemical-free process recycles 100% of all the water it uses.

According to the company, its approach covers the full production process from hatchery to harvesting at the same site, ensuring an ultra-fresh product that is short travelled, without requiring a massive upfront investment.

“It has been a long and exciting journey in developing a system for indoor shrimp farming 300 km away from the coast, to many locals’ surprise. We are excited to continue growing and delivering shrimps across Europe,” Noray Seafood CEO, Bjorn Aspheim, said.