Norway-based seafood investor Bluefront Equity has secured investments from the European Investment Fund, Novo Holdings and Esmée Fairbairn Foundation – marking the final close of its second impact fund, Bluefront Capital II.
“Seventy percent of the total amount comes from international investors. They view the seafood value chain as a key enabler to solve the global demand for healthy and sustainable proteins and consider the blue economy to be an attractive investment opportunity,” Bluefront CEO Kjetil Haga said.
Bluefront states that its mission is to transform the seafood supply chain into becoming more sustainable, accessible and responsibly managed. The firm invests in companies developing innovative products, services, software, and technology that promote sustainability throughout the seafood value chain, with a particular focus on improving ocean health, promoting fish welfare and enhancing resource efficiency.
Bluefront’s second fund, Bluefront Capital II, has in total secured investments in excess of US$ 100 million, which is in line with its fundraising target.
Among the most recent investors that have committed funds are the European Investment Fund (EIF), which has invested approximately $35 million, as well as Denmark-based Novo Holdings and UK-based Esmée Fairbairn Foundation which both have committed undisclosed amounts.
EIF is a specialist provider of risk finance to benefit small and medium-sized enterprises across Europe. Its shareholders are the European Investment Bank, the European Union, represented by the European Commission, and a wide range of public and private banks and financial institutions.
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.
Esmée Fairbairn Foundation was founded in 1961 and is one of the UK’s largest independent funders. The foundation is an impact investor that aims to improve our natural world.
Earlier this year, Bluefront announced an investment from Builders Vision, an impact platform founded by Lukas Walton. Global Investment firm Cambridge Associates, which has $569 billion worth of assets under advisement/management, has also done a successful due diligence on Bluefront Capital II.
The largest investors in Bluefront’s first fund have also committed to participate in Bluefront Capital II. They include Norwegian investors Havfonn, the Steensland group, 3S Invest, Klaveness Marine, TD Veen, Cubera, and more.
“Our first fund has performed strongly, which has been the catalysts for numerous repeat investments in our second fund. We are proud of the many new and returning quality investors that have put their trust in us,” Bluefront Chief Investment Officer Simen Landmark said.
Bluefront Capital II has already made its first three investments:
- Cryogenetics, the leading provider of technology and services for the preservation of aquatic genes for the aquaculture industry
- Horizon Software (previously FiiZK Digital), a company that drives impact for the seafood industry through digital solutions that optimise biological conditions and production for fish farmers
- Piscada, which delivers software for process control and analytics to the fish farming industry
