LocalCoho is seeking to raise an additional $4 million by the end of 2023 to fund its next growth phase.
LocalCoho, a land-based aquaculture start-up that raises Coho salmon in the Finger Lakes Region of New York State, has secured significant new funding from private equity fund Cuna del Mar.
“We were impressed by the LocalCoho business plan, management team, and their approach to building supply of a great tasting fish close to market,” said Robert Orr, Managing Director of Cuna del Mar in a press release issued on Wednesday.
“The intent of our investment is to enable them to properly prepare for full scale up and commercialisation.”
The exact amount was not disclosed by either company.
LocalCoho grows Coho salmon indoors from egg to harvest using Recirculated Aquaculture Systems (RAS) technology.
The multi-million-dollar investment will allow the company to prepare for expansion of its pilot facility in the Finger Lakes region of upstate New York and start mapping a plan for growth in other regions of the US, with a farm eyed for the Midwest.
This is the second major investment for LocalCoho in the past year. The privately held company received significant funding in November 2022 from seafood industry veteran Rodger May of Peter Pan Seafood to increase harvest capacity and continue to improve husbandry practices.
The company also received a $500,000 grant from New York State Development in 2022 to help commercialize its business.
LocalCoho is seeking to raise an additional $4 million by the end of 2023 to fund its next growth phase.
In April 2022, the company named food industry veteran Michael Fabbro as its new chief executive officer.
