Bluefront Equity hits target for its capital fund

Bluefront attracted stakes from, among others the European Investment Fund (EIF), Novo Holdings and Esmée Fairbairn Foundation, as it announced the close of its fundraising round.

The fund was set up to invest in the seafood supply chain with the aim of making it more sustainable, accessible, and responsibly managed. Bluefront aims to invest in companies developing innovative products, services, software, and technology that promote sustainability throughout the seafood value chain, with a particular focus on improving ocean health, promoting fish welfare, and enhancing resource efficiency. 

Kjetil Haga, CEO of Bluefront, said: “70% of the total amount comes from international investors. They view the seafood value chain as a key enabler to solve the global demand for healthy and sustainable proteins and consider the blue economy to be an attractive investment opportunity.”

EIF invested around US $35m (£26m). The stakes taken by the other investors have not been disclosed.

EIF’s shareholders are the European Investment Bank, the European Union, represented by the European Commission, and a wide range of public and private banks and financial institutions.

Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation.

Esmée Fairbairn Foundation was founded in 1961 and is one of the UK’s largest independent funders. The foundation is an impact investor that aims to improve the natural world. 

Earlier this year, Bluefront announced an investment from Builders Vision, an impact platform founded by Lukas Walton. Global Investment firm Cambridge Associates, which has USD 569 billion worth of assets under advisement/management, has also done a successful due diligence on Bluefront Capital II.  

The largest investors in Bluefront’s first fund have also committed to participate in Bluefront Capital II. They include Norwegian investors Havfonn, the Steensland group, 3S Invest, Klaveness Marine, TD Veen, Cubera, and more. 

Bluefront Capital II has already made its first three investments:

• Cryogenetics, the leading provider of technology and services for the preservation of aquatic genes for the aquaculture industry.
• Horizon Software (previously FiiZK Digital), a company that drives impact for the seafood industry through digital solutions that optimise biological conditions and production for fish farmers.
• Piscada, which delivers software for process control and -analytics to the fish farming industry.

Simen Landmark, Chief Investment Officer at Bluefront, said: “Our first fund has performed strongly, which has been the catalyst for numerous repeat investments in our second fund. We are proud of the many new and returning quality investors that have put their trust in us.”