Business Forum • 7 March, 2024 at 1:39 PM
The European Investment Fund (EIF) has announced at BlueInvest its support to the venture capital fund Blue Revolution Fund, providing €20 million under InvestEU and investing in early-stage aquaculture enterprises, driving innovation and sustainability in the sector.
The fund is managed by Hatch Blue, with an investing team with extensive experience in the aquaculture industry. The fund intends to contribute to the restoration of the marine ecosystem in partnership with The Nature Conservancy, that will provide advisory services in conservation and sustainability.
The Blue Revolution Fund aims to address market deficiencies and gaps in the aquaculture sector by bringing capital to support the commercial production of finfish, shellfish, and seaweed while introducing sustainable technologies and alternative seafood protein solutions. The fund's strategy aligns with the goals of the Green Deal and the strategic objectives of the European Union.
Commenting on the investment, Marjut Falkstedt, Chief Executive of the EIF stated, "We are very glad to support the Blue Revolution Fund in its mission to drive innovation and sustainability in the aquaculture sector, with the backing of the InvestEU programme. This investment is in full alignment with the EU's commitment to fostering a blue economy that promotes economic growth while protecting our marine ecosystems."
Georg Baunach, Managing Partner and Co-founder of Hatch Blue, remarked, "We are thrilled to welcome the EIF as an investor in the Blue Revolution Fund. It is encouraging to see the EIF's commitment to the blue economy, a commitment that resonates deeply with our own mission to foster the growth of a sustainable aquaculture industry. With the fund's second close now completed, we are exceptionally well-positioned to support entrepreneurs in our sector. As a specialized fund, our approach is to collaborate closely with teams where we can offer significant value. The expertise and extensive network within our investment team, the broader Hatch Blue group, and our extended ecosystem play a critical role in providing such value."
The EU Commissioner for the Environment, Oceans and Fisheries, Virginijus Sinkevičius also stated: “Today marks another significant milestone in supporting innovative aquaculture solutions across Europe. I am glad that the ‘InvestEU Blue Economy fund', launched in 2022 with the support of the European Maritime, Fisheries and Aquaculture Fund, continues its successful progress through the ‘Blue Revolution Fund' with a strong focus on restoring ocean ecosystems. Blending EU public funds with private capital is crucial in developing and scaling up innovative technologies related to the ocean.”
InvestEU's participation in the Blue Revolution Fund highlights the European Union's dedication to supporting impactful investments in the Blue economy. By combining financial resources and expertise, this collaboration aims to accelerate the development of sustainable aquaculture farming practices, address climate change, and contribute to the restoration of the marine ecosystem.