Seafood investor Bluefront Equity is launching its second investment fund and has already secured USD 50 million for sustainable seafood investments, including commitment from one of the world’s most renowned impact investment firms.
The new fund’s investment mandate is similar to Bluefront’s first fund: Investments in companies with products, services and technology contributing to a more sustainable seafood value chain. This includes software, improved fish welfare, and improved ocean health.
Global investment firm Cambridge Associates has conducted a successful due diligence on Bluefront Capital II.
‘Cambridge Associates’ due diligence process is the most thorough and rigorous we have ever experienced. We are proud to have met their stringent investment criteria. The combination of being a pure-play seafood investor and a certified sustainability fund in line with the EU’s comprehensive taxonomy guidelines is a good match for their profile,’ said Bluefront partner Simen Landmark.
The largest investors in Bluefront’s first fund have also committed to participate in Bluefront Capital II. They include Havfonn, the Steensland group, 3S Invest, Klaveness Marine, TD Veen, Cubera, and more.
‘We are experiencing significant interest from investors. The fact that the largest investors from our first fund choose to invest in the second fund too, is a strong confirmation of the healthy development our first fund has seen,’ he added.
Bluefront’s first fund, Bluefront Capital I, is the majority owner in several high growth companies aiming to make the seafood value chain more sustainable, for instance the fish welfare specialist Bio Marine and the ocean health monitoring specialist Seaqloud.
‘The fish farming industry needs to further improve biological conditions and fish welfare and reduce its climate footprint. Our portfolio companies contribute towards solving many of the challenges the industry face,’ commented Bluefront partner Kjetil Haga, stating that Bluefront has already started the work to deploy the capital raised in Bluefront Capital II. The company is engaged in several due diligence processes and expects to make an acquisition prior to the summer holidays.
‘We believe the seafood industry notices that Bluefront-owned companies develop strongly and that our sector-specific approach makes us unique. Our dealflow is currently better than ever,’ Kjetil Haga said.
