The Dutch global investment fund based has invested in BioFishency.
BioFishency, an aquaculture filtration technology startup, has raised USD 2.4 million in funding from Aqua-Spark as well as The Trendlines Group and a private Chinese investor, according to a press release.
Founded in 2013, the Israeli firm develops land-based aquaculture technology, specifically to target challenges producers face around limited water availability and overuse, and the build-up of toxic ammonia in closed systems from fish excrement.
BioFishency said its technology has demonstrated a 95% reduction in water use for intensive tanks, a two- to fivefold increase in yields for extensive ponds, 2x greater nitrification (ammonia removal) for improved water quality, significant increase in yield per water and land use.
The startup will use the funding to develop in China according to CTO Igal Magen: “BioFishency’s recent investment is extremely important and enables us to develop in a number of ways: We have begun to set up a Chinese operation, following our success in selling to the Chinese market. China makes up 60% of the world market for our products. Having a Chinese entity places the company in the heart of its main market, which presents the potential for raising additional capital and receiving government support in China in the future. The funds will also enable us to continue our R&D to provide additional aquaculture solutions for the market.”
Aqua-Spark co-founders Mike Velings and Amy Novogratz said the investment was a sign that there was a growing interest in land-based tech: “We are excited for BioFishency to join our portfolio. They’re our first investment in filtration technology — and attracted our attention because of their commitment to sustainability and accessibility. The sheer size of inland aquaculture globally means that aquaculture uses a lot of scarce resources. Biofishency’s technology enables the production of more fish per unit on land and in water while reducing the environmental impacts. This is imperative in sustaining the growth of aquaculture while reducing environmental effects.”
