The Oslo-based investor has already invested from its second fund in three firms providing technology and services to the sustainable fish farming industry.
Norwegian seafood investor Bluefront Equity said it has reached a final close of over $100m (€86m) for its second impact fund, Bluefront Capital II, following the latest investments in the fund from the European Investment Fund, Novo Holdings and the Esmée Fairbairn Foundation.
The firm aims to invest in ways that makes the seafood supply chain more sustainable, accessible, and responsibly managed. It invests in companies developing products, services, software, and technology promoting sustainability in the seafood value chain, particularly investments that improve ocean health, enhance fish welfare, and improve resource efficiency.
Recent investors in the second fund include the European Investment Fund (EIF), with a commitment of around $35m, along with Denmark-based Novo Holdings and UK-based impact investor the Esmée Fairbairn Foundation, both of which made undisclosed commitments.
The EIF is an arm of the European Investment Bank that provides venture and growth capital and other instruments to support the growth of European SMEs, and has made a number of investments in sustainable aquaculture.
Earlier this year, the Builders Vision impact platform, founded by Walmart heir Lukas Walton, joined the investor group for Bluefront Capital II. The largest investors in Bluefront’s first fund are also participating in the second fund, including Norwegian firms Havfonn, the Steensland group, 3S Invest, Klaveness Marine, TD Veen and Cubera.
Kjetil Haga, Bluefront’s CEO, said 70% of total funding for the second fund had come from international investors, reflecting the global scale of the issues to be tackled.
“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,” he said.
Bluefront said the close of over $100m was in line with its fundraising target. The firm previously said it was looking to raise around NOK1.25bn ($120m/€100m) from the second fund.
Investment approach
Bluefront Equity typically jointly owns and develops the companies in which it invests, in collaboration with company founders and current shareholders.
Bluefront said it had already made three investments from the second fund. One was in Cryogenetics, a Norwegian technology and services provider for preservation of aquatic genes for the aquaculture industry.
The second was in FiiZK Digital – now renamed Horizon Software – which develops digital solutions that optimise biological conditions and production for fish farmers. The third investment was in Piscada, which produces software for process control and -analytics to the fish farming industry.
Bluefront Capital I, the firm’s first seafood impact fund, which closed at $62m in 2021, is the majority owner of companies that include fish welfare specialist Bio Marine and ocean health monitoring specialist Seaqloud.
