Oceanfarmr, the aqua farming-tech startup, has just closed out a bridge funding round to fuel their international expansion, raising AU$1.45M. The company was founded by marine biologist turned oyster farmer, Ewan McAsh
Earlier this year they launched an alternative to farming finance, Farm to Buy, allowing aquafarms easy access to capital for water-based farmland. While agricultural farms (land-based) often have the option of land as an asset to secure financing, aquaculture farmers have traditionally found it more difficult to access capital as water-based farmland is not privately owned.
Since launching the offer, Oceanfarmr has increased their revenue by 874%, putting them 3 years ahead of their original revenue projections. They have more than $60M in farm funding applications. The new funding will allow them to ramp up their presence, however they are already in 8 countries.
Oceanfarmr (formerly SmartOysters) has received AU$1.45M in its latest funding round. Led by Katapult VC, the new funding will allow the aqua farming tech and finance startup to ramp up international growth and expand their market first Farm-to-Buy program.
Dubbed the ‘google maps of the ocean’, Oceanfarmr allows farmers to accurately record the activity of their farm using innovative GPS enabled technology. Most recently the company launched Farm to Buy, an innovative offering designed to transform the aquaculture industry by providing aqua farmers accessibility to a finance alternative. The aquaculture industry is worth over $19 billion dollars globally, and Oceanfarmr’s offering provides huge potential for the growth of the market. Since the launch of Farm to Buy in September this year, Oceanfarmr has received over $60 million in farm funding applications.
Oceanfarmr is in the top 23 impact tech startups to receive investment from Katapult group in its latest iteration. The selected startups represent the top 1%,of all 1,900 candidates from 62 countries into the accelerator program
The Katapult accelerator program is specifically designed for high impact Ocean- and Climate-tech companies. This award winning program is Katapult’s flagship accelerator program and has received international praise for being the most comprehensive impact program in the world. Over the next three months, Oceanfarmr will strengthen its skills in impact, strategy, management and investor readiness through a combination of video modules and hands-on workshops. Oceanfarmr will also benefit from entering a network of international mentors, industry players and investors.
On the investment, Ewan McAsh, Oceanfarmr founder, and CEO says, “We’re proud to be one of the 23 startups that will take part in the Katapult Accelerator 2022 program. Oceanfarmr was built to revolutionise the aquaculture industry, and with this funding we will be able to accelerate our mission. We are already looking forward, and will be focusing on building traction as we bridge to a series A raise in the new year.”
“Before developing the app I was using my memory, whiteboards and spreadsheets – which weren’t fast, were prone to sometimes costly mistakes and could be an arduous task at the end of the working day and week. "Over the last few weeks I’ve had the opportunity to meet with our farmers across Australia, the US and Europe and hear first hand the economic and environmental challenges they’ve faced over the last 3 years and how Oceanfarmr has allowed them to do what they do best and remove those typical pain points that have been the standard practice for years and years. Those stories are a reminder of why we first launched and the funding is a huge piece of the puzzle in how we ramp up our capabilities to continue serving the aqua farming industry and the people who make it all happen.”
Jonas Skattum Svegaarden, CEO Katapult Ocean says, “In our mission to build a world where thriving ocean and economic development can exist in harmony, we are committed to investing in and helping to scale the most impactful ocean-tech startups. We are delighted to have Oceanfarmr on board and we look forward to the journey ahead through the accelerator program and beyond.”
