MISGAV, Israel, March 27, 2019
MISGAV, Israel, March 27, 2019 /PRNewswire/ -- BioFishency Ltd. ("BioFishency" or "the Company"), a portfolio company of The Trendlines Group Ltd. ("Trendlines") (SGX: 42T) (OTCQX: TRNLY), announced that it has completed an investment round of $2.4 million. The primary investors in the round were a private investor from China, Aqua-Spark, a global investment fund based in the Netherlands, and The Trendlines Group.
BioFishency is an aquaculture solutions provider focused on dramatically increasing growers' productivity and sustainability through its innovative technologies and extensive knowhow. BioFishency develops and produces cost-effective, easy-to-use water treatment systems for use in land-based aquaculture. The Company sells its SPB Single Pass BioFilters (SPB) in various capacities as a plug-and-play, complete systems, and manages turn-key projects. BioFishency's systems operate effectively in countries around the world, including Israel, Congo, Bangladesh, India, Indonesia, and China. There is strong interest for additional units in Nigeria and Vietnam (for the shrimp market). With over $1.3 million in sales for 2018, BioFishency has more than doubled its total 2017 revenues. The Company continues negotiations with potential customers around the world, including for a number of large projects in China.
Aquaculture, the farming of aquatic organisms, is the fastest-growing sector in animal protein production, with a market value of $13.3 billion. By 2030, 62% of food fish will come from aquaculture. Yet, new technologies are needed to meet increased production demands.
BioFishency's technology has demonstrated a 95% reduction in water use for intensive tanks, a two- to fivefold increase in yields for extensive ponds, 2x greater nitrification (ammonia removal) for improved water quality, significant increase in yield per water and land use.
BioFishency co-CEO and co-founder Igal Magen commented, "BioFishency's recent investment is extremely important and enables us to develop in a number of ways: We have begun to set up a Chinese operation, following our success in selling to the Chinese market. China makes up 60% of the world market for our products. Having a Chinese entity places the company in the heart of its main market, which presents the potential for raising additional capital and receiving government support in China in the future. The funds will also enable us to continue our R&D to provide additional aquaculture solutions for the market."
Mike Velings and Amy Novogratz, co-founders of Aqua-Spark: "We are excited for BioFishency to join our portfolio. They're our first investment in filtration technology -- and attracted our attention because of their commitment to sustainability and accessibility. The sheer size of inland aquaculture globally means that aquaculture uses a lot of scarce resources. Biofishency's technology enables the production of more fish per unit on land and in water while reducing the environmental impacts. This is imperative in sustaining the growth of aquaculture while reducing environmental effects."
BioFishency was founded in 2013 by experienced aquaculture project managers and consultants. BioFishency aims to develop a water treatment system with high-end technological capabilities, yet accessible and viable to all fish farmers. BioFishency's all-in-one water treatment system for aquaculture increases fish productivity, has a minimal ecological footprint, enhances water conditions, and significantly grows profitability.
Aqua-Spark is a global investment fund with a mission to transform the global aquaculture industry into one that is healthier, more sustainable, and more accessible. They invest in aquaculture companies across the value chain -- spanning farming operations, alternative feed ingredients, disease battling technology, and consumer facing aquaculture products. These companies are solving some of the industry's big challenges while bringing returns that are comparable to today's traditional industry. The portfolio works as an ecosystem, with the companies agreeing to collaborate on optimal solutions, and working together toward this shared vision of a more efficient global aquaculture industry.
Since 2015, the fund has invested in 16 complementary SMEs. Thus far, Aqua-Spark has EUR 57 million under management, dedicated to investments in elements of the aquaculture industry that will make fish farming sustainable. The goal of the fund is to grow to EUR 72.5 million AUM by 2030 -- ultimately making sustainability widespread and profitable enough so it becomes the only way to farm fish.