Portuguese shellfish producer Oceano Fresco raised €6.1 million ($6.9 million) in funding to support expansion plans, with sustainable oceans and aquaculture equity firm Aqua-Spark co-leading the investment.
Lisbon-based venture capital company Semapa NEXT joined Aqua-Spark in the funding round.
Following previous investment rounds led by BlueCrow Capital, Oceano Fresco has built an modern biomarine center, including a hatchery, and established the world's first open-sea clam farm off Portugal's Algarve coast.
The company plans to ramp up its commercial efforts, beginning with premium clam species native to Europe.
Oceano Fresco is now planning expansion, beginning with storage and packaging facilities.
In the early stages of market growth, the company will focus on Spain and Portugal, later gearing up for a global export drive.
"Oceano Fresco stood out to us as a best-in-class example of shellfish farming with the potential to scale and shift the industry towards more sustainability and transparency," Aqua-Spark co-founders Mike Velings and Amy Novogratz said in a statement.
Ricardo Pires, CEO at Semapa NEXT, said Oceano Fresco was directly in line with the sustainable values his investment fund is looking for.
