Fishing and processing group Oceana has invested $1.5m (R29m) in Hatch Accelerator II, a venture capital fund focused on early-stage companies pioneering innovation across the seafood value chain.
The investment aligns with Oceana’s strategic goals to grow, diversify and firmly commit to carbon neutrality, the company said on Thursday.
“Being innovative and staying at the forefront of technological advancement and innovation is as important with seafood as it is with any industry,” it said.
“This investment provides us with valuable insights into seafood innovation, enabling Oceana to capitalise on emerging trends and technologies at the forefront of the industry.”
Hatch Fund II, managed by US-based Hatch Blue, is a $12m fund with plans to invest in about 30 start-ups globally.
According to Oceana, these companies are developing technologies aimed at increasing the efficiency of seafood production while offering low-cost, environmentally sustainable solutions.
Areas of focus include regenerative aquaculture, marine biotechnology, alternative seafood, novel production systems and blue-carbon initiatives.
The company said these technologies were key to addressing the inherent cyclicality and environmental pressures in the seafood industry.
“To mitigate the natural cyclicality involved in seafood production, finding innovative ways to produce more efficiently and at a lower cost while promoting a lower CO2 footprint is crucial for the industry’s future.”
While specific technologies under the fund remain under development, Oceana believes several emerging solutions could eventually become game changers, both for sustainability and profitability.
“There are numerous opportunities that Oceana believes could ultimately be game changers. However, we acknowledge that these are long term in nature and will take time to realise value. The important part is that Oceana is positioned to access these opportunities early on, with the potential to deliver long-term benefits,” it said.
“This investment provides us with valuable insights into seafood innovation, enabling Oceana to capitalise on emerging trends and technologies at the forefront of the industry.”
Oceana’s share price gained 3.34% on Thursday to R58.43, giving it a market cap of R7.34bn.
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