Noray Seafood has received a €16 million ($18.2 million) investment led by French private equity fund Creadev to accelerate its expansion plans for sustainable indoor shrimp farming in Spain.

Creadev holds a 20 percent stake in Netherlands land-based yellowtail producer The Kingfish Company and is a significant backer of insect meal producer InnovaFeed.

Co-investors SWEN Blue Ocean, Stellar Impact (a private equity fund managed by Telos Impact) and existing investors joined Creadev in the funding round.

The fundraising will be used to support the company’s growth plans as it ramps up production capacity at its facility in Medina del Campo, about 1.5 hours north of Madrid, Spain.

Noray Seafood uses microbial technology to farm shrimp indoors.

The process recycles 100 percent of all water used and is free of any antibiotics and chemicals, said Noray Seafood.

The facility is vertically integrated from hatchery through harvesting.

“This investment fits into Creadev Food & Ag strategy of supporting on the long run cutting edge companies in the aquaculture, ag tech and consumer food,” said Creadev Food’s Alexandre van der Wees.

“It has been a long and exciting journey in developing a system for indoor shrimp farming 300 kilometers away from the coast, to many locals’ surprise," said Noray CEO Bjorn Aspheim. "We are excited to continue growing and delivering shrimps across Europe.”