A private equity impact investment fund has agreed to back a newly created clam breeder to the tune of €5 million as part of its European bivalves strategy.
The Ocean 14 Capital Fund transaction has formed MITO, a merger of Societá Agricola Ecotapes Italia, Delta Futuro Societá Agricola and Ecotapes Zeeland, which has an ambitious plan to increase operational capacity to 2 billion clam seed juveniles per annum over the next few years.
“We couldn’t have arranged a better starting investment for the fund’s European bivalves strategy,” said Katherine Elbert, investment analyst and co-investment lead for MITO at Ocean 14 Capital, the fund’s investment advisor.
“Similar to what happened to oysters, a strong supply of viable hatchery seed is key for the sustainable development of the industry,” she added.
Ocean 14 Capital Fund’s dedicated investment strategy for the European bivalve industry aims to bring capital, technology and best-practices to this often-overlooked sector.
“With a total aquaculture production of more than 30,000 tonnes, the clam industry in Europe is one of the best opportunities for the fund to invest in,” said Francisco Saraiva Gomes, founding partner and chief investment officer of the Fund’s investment advisor.
As filter feeders growing in the sediment of natural lagoons, clams require no feed, fresh water or antibiotics, and almost no physical infrastructure. As a result, clams produce less than 2kg of CO2 per 100g of protein, versus the European average of 13kg per 100g of animal protein, and 50kg per 100g of beef protein.
In recent years, the European production of clams has declined due to lack of wildly sourced seed, as well as stress and disease, resulting in a spat mortality rate of over 50%.
