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UK tech company seeks £900,000 to combat bycatch

Incorporated in 2016, the company has developed a range of products aimed at the global commercial fishing industry to reduce damage to fishing gear and reduce bycatch.

United Kingdom-based technology business Fishtek Marine is seeking to raise £900,000 (€1 million/$1.2 million) of equity to reduce marine bycatch through an investment crowdfunding campaign on the Triodos Crowdfunding platform.

Incorporated in 2016, the company has developed a range of products aimed at the global commercial fishing industry to reduce damage to fishing gear for fishing fleets, while at the same time deterring bycatch.

The new capital raised through the share offer will be used to invest in the sales and marketing of these existing products, such as a ‘pinger’ which uses acoustics to alert dolphins, porpoise and whales to the presence of fishing gear.

It will also be used for the development and testing of four new products which will be launched over the next three years.

The company sells its existing products to fishing companies and distributors in 35 countries and expects to generate sales of £370,000 (€418,429/$490,276) in its second year of operations -- a 290 percent increase from the previous year.

Due to new fishing legislation and growing awareness of marine conservation, the directors are aiming to grow the business to £10 million (€11.3 million/$13.3 million) turnover within five years. All products are designed and manufactured in Devon.

The minimum investment for the share offer is £1,000 (€1,131/$1,325) and a maximum investment of £100,000 (€113,089/$132,507) applies.

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