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January 17, 2022

Bluegrove completes NOK 120m first close of Series B funding to accelerate growth

Aquatech company Bluegrove completes a capital increase of NOK 120m (~€ 12m) to accelerate growth.

Bluegrove has announced the first close of the company’s Series B round in a private offering to existing shareholders. The round was led by Dutch aquaculture investment fund Aqua-Spark along with Internet of Things technologies investor Breed Reply, together with other key stakeholders, including Founders Joakim Myrland and Bendik Søvegjarto. The company is now engaging an advisor to open the round to new investors.

 “Technology is the key to making aquaculture more efficient and sustainable. Our solution applies machine learning to improve feeding results and contribute to better economics, sustainability as well as health- and welfare conditions within fish farming. This Series B round is about enabling us to scale globally,” said Bendik S. Søvegjarto, CEO, Bluegrove.

 “This vote of confidence from our investors comes hot on the heels of a €3.5 million award from the European Innovation Council (EIC) in October 2021 to further develop and commercialize our Welfare Shield technology,” said Søvegjarto. 

“Since our first investment in Bluegrove in 2018, we’ve been convinced of Bluegrove’s unique technology’s contribution toward a healthier and more sustainable commercial aquaculture industry. Witnessing the company overcome the hurdles of tech adoption to arrive at this place of solidifying commercial deals and proving the business case for better, more efficient and humane practices is truly exciting,” said Mike Velings and Amy Novogratz, Managing Partners, Aqua-Spark.

“We are pleased to reinvest from our deep tech fund on the back of Bluegrove’s success. The recent commercial success and the award from the European Innovation Council are real validation of Bluegrove’s ability to translate new technologies into commercial solutions that tackle real-world challenges,” said Richard Hadden, Managing Partner and Founder at Breed Reply.

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