Poseidon announces US$20.75M Series B Financing
March 18, 2024
Tillsonburg, Ontario
Ag Capital Canada (ACC) is pleased to announce that Poseidon Ocean Systems Ltd. has completed a US$20.75M Series B financing raise, led by the Ecosystem Integrity Fund (EIF) and joined by the InBC Investment Corp. and Export Development Canda (EDC).
The funds raised will expand Poseidon’s manufacturing capacity and support the company’s growth and delivery of its Life Support Systems and Hybrid Sea Cage Systems. These technologies combine to form a compelling value proposition for modern salmon-farming operations – increasing yields, reducing operating costs and improving environmental outcomes.
Poseidon’s customers include some of the world’s largest salmon farmers. This funding will enable Poseidon to continue its expansion into global markets, deepening its relationships with Canadian, Chilean and UK farmers and expanding into new markets.
“This funding represents an inflection point for the Poseidon team, allowing the company to target key growth areas for the business and to dedicate new resources to our manufacturing capabilities. This comes at a pivotal time for many of our customers, as changing environmental and regulatory conditions demand modern technology to meet operational requirements,” said Jamie Gaskill, Chief Executive Officer of Poseidon.
“An environmentally sustainable aquaculture industry is critical to relieving pressure on wild fisheries,” said EIF Managing Partner James Everett.
“EIF is excited to lead Poseidon’s Series B financing as we believe the company’s innovations can play an important role in minimizing environmental impact and improving fish health. We are confident that Poseidon’s solutions are the future of sustainable aquaculture, and the company is poised for significant global growth.”
Ag Capital Canada celebrates this fundraising success, as it led a Series A fundraising round for Poseidon in January of 2021.
“We are thrilled to see the progress this company has made in the past three years. The unparalleled products and services offered by Poseidon, along with advancements in global sales, have placed the company on the launching pad to global expansion,” said ACC GP Principal John Lansink.
Please follow this link to read the press release issued by Poseidon Ocean Systems to announce the closing of this round of funding.
About Poseidon Ocean Systems
Poseidon delivers innovative, industry-leading solutions for the aquaculture industry. The Company is focused on improving fish welfare, while reducing the environmental impact of producing nutritious, sustainable protein to feed the global population. The technology can help farmers improve fish welfare to realize greater survival and growth, and minimize – if not eliminate – mortality events, thereby increasing the yield from every fish, all while reducing the carbon footprint of aquaculture operations. For more information, visit: www.PoseidonOS.com
About the Ecosystem Integrity Fund
Ecosystem Integrity Fund (EIF) invests in early growth-stage companies contributing to environmental sustainability across multiple sectors including renewable energy, transportation, agriculture and food, climate resilience, green chemistry, waste reduction, and efficiency. EIF takes a systems-based approach to sustainability investment, studying both the drivers for change as well as the constraints to innovation in market niches that are ripe for development. EIF invests in companies solving real problems, resulting in better investment opportunities and greater impact. The firm has over $600 million in assets under management. For more information, visit: www.eif.vc
About Ag Capital Canada
Ag Capital Canada (ACC) is a private equity fund which invests in Canadian ag and food innovation and small-business growth. ACC discovers, develops and nurtures Canadian agricultural businesses through capital investment, business-management mentorship and entrepreneurial expertise. For more information, visit www.agcapitalcanada.com