EUR 32 million for The Kingfish Company to complete Phase 2

    Of these, EUR 11 million will be allocated to the well-known sustainability-focused impact fund Ocean 14 Capital.


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    The Kingfish Company has raised EUR 32 million (USD 34.75 million) in an unsecured convertible loan. Although most of it has been allocated to existing key shareholders, the land-based yellowtail kingfish farmer has highlighted that EUR 11 million (USD 11.94 million) will be allocated to Ocean 14 Capital, the fund firm focused on ocean sustainability.

    According to the company, in addition to general corporate purposes, the net proceeds of the convertible loan will be used to make the Company’s operations cash positive and to fund the completion of the expansion of the Kingfish Company’s production capacity at its Zeeland, Netherlands, facility, the so-called Phase 2.

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    In the process of doubling production capacity

    “The successful placement of the convertible loan will secure the completion of Phase 2,” said Vincent Erenst, Chief Executive Officer of The Kingfish Company. “We are in the process of more than doubling our production capacity to meet the increasing demand for Dutch Yellowtail. The proceeds from the convertible loan will provide full funding for the expansion until we reach positive cash flow from operations and sustainable profitability.”

    “Production in the first of two grow-out systems in Phase 2 began in May 2023,” he continued. “The new facility has been running very well since the start and we are proud to have increased biomass by more than 100 tons in just over one month time. This is a testament to the advanced design and the skills of our team.”

    In fact, in a recent interview with WeAreAquaculture in which he took stock of his arrival at the business, the first thing the CEO of The Kingfish Company emphasized was precisely that, the people who work in the company. “There is a group of people that have been there since day one, and they’re extremely experienced and very motivated. And then, there is a much larger group of recent employees, and they are very positive and motivated and knowledgeable also, surprisingly knowledgeable for the, sometimes, short time they work with. So very impressed,” he told us.

    Ocean 14 adds to the list of reputable investors

    According to the company’s announcement, the revised plan and schedule for the land-based farmer project, the Zeeland farm’s harvest volume will start to increase in the first quarter of 2024, and stable production is expected throughout 2025. Following the arrival of these funds, the estimated investments for Phase 2 remain unchanged at EUR 95 million.

    As mentioned, The Kingfish Company has highlighted that 11 of the 32 million euros raised will be allocated to the sustainability-focused Ocean 14 Capital. The team of this impact fund has more than 25 years of experience in the aquaculture industry, including significant experience with RAS, the technology used by The Kingfish Company to farm its yellowtail kingfish, which further complements the company’s list of renowned investors.

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    Ocean 14 Capital invests in venture and growth companies and technologies that offer sustainable solutions for the ocean, either from a production point of view – as in the case of Tilapia producer Tilabras or the clam farmer MITO -, or from a recycling and circular economy point of view – as in the case of AION -. Recently, it received EUR 30 million (USD 32.58 million) from Ingka Investments, IKEA’s sister company, which invested for the first time in the ‘blue economy’.

    About The Kingfish Company

    The Kingfish Company is a pioneer and leader in sustainable land-based aquaculture whose main product is the yellowtail kingfish (Seriola lalandi). Its production – where animal welfare is prioritized, and fish are raised without antibiotics or vaccines – is based on recirculating aquaculture systems (RAS), which protect biodiversity and ensure biosecurity. Its products are certified by the Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP), and British Retail Consortium (BRC). They have operations in the Neederlands, Kingfish Zeeland, and the United States, Kingfish Maine.

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