Share
Settled by the promoter
instalment
monthly
term
2 years
yearly interest
5%
risk rating
B-
NaturaFish is a seabass and seabream sustainable aquaculture. Harmoniously integrated in nature, it represents a sustainable alternative to wild fishing and high-density aquaculture in offshore cages, ensuring animal wellbeing and a positive environmental impact. Fish live in their natural habitat and are fed by the nutrients provided by the tidal exchange, complemented with supplementary feed. The Company invests substantially in research and development to reach the most natural possible aquaculture.
Located in ria de Alvor, in the Algarve region (South of Portugal), it is part of Natura 2000, the nature conservation areas’ network created by the European Union to ensure the survival of animal species and protect Europe’s most valuable habitats. The farm has 19 hectares of total area and 19 tanks with the capacity to produce 500 ton of fish per year. Due to its ideal geographic location, NaturaFish has the right natural conditions (climate, water quality, and natural food) to produce the highest quality seabass and seabream.
The project started in 2018 with the reclamation of an abandoned shrimp farm built on old salt ponds. The first fish starts were introduced still in the summer of 2018. Following a two-year production cycle, the first harvest and first sales occurred in June 2020. It sold over 100 tons of fish in five months. The Company expects to reach operational and financial stabilization during 2021, with an annual production of 500 tons. For the following three years, besides reaching stabilization and becoming a market reference for quality, NaturaFish has also the following targets:
Average per-kg prices of 8.00€ and 11.00€ (for 400g and 800g fish, respectively)
Annual revenues of 4.4M€
EBITDA margin of 35%
The funds raised through this campaign will be used as working capital, being this campaign part of the complete financial structuring for setting up and operating the project which includes Venture Capital investment, national grants and long term bank financing.
Marine Biodiversity Protection
Animals wellbeing promotion
An alternative to the importation of fish raised in high-density cages
Employment promotion
Hectares for biodiversity
jobs created
The project will have a total investment of 7.6M€, from which 1.23M€ were secured by the non-refundable MAR2020 Program, 1.97M€ by a convertible debt from BlueCrow Capital, 2M€ from long-term bank financing, 150K€ from this campaign and equity.
Download Key Investment Information Sheet
This project has no guarantees.
Viveiros da Espargueira Lda was founded in 2005. From that date to 2018, the company used the existing infrastructure to produce shrimps and did some tank improvements with the goal of adapting it to sea bass and bream farming. However, during this period the production was residual, and therefore the facilities ended up neglected.
In June 2018, the company started a new project with the goal of becoming a National reference in Aquaculture, NaturaFish. In that year, It developed a profound renovation of its facilities and have introduced the first alevins in September of that same year. Due to the 2-year cycle of production, the first sales occurred in June 2020.
NaturaFish was created to meet the growing global demand for natural, sustainable aquaculture by becoming Portugal’s leader in the farming of valuable local species for which demand exceeds biologically sustainable fishing levels, such as European seabass (Dicentrarchus labrax) and gilthead seabream (Sparus aurata). Its farming methods ensure animal wellbeing and create a positive environmental impact.
Location, experience, technology and innovation are success keys, working with nature, not against it.
NaturaFish’s first site is a 19-ha, salt-water, natural-pond farm in the Alvor estuary, in the Algarve southern province of Portugal. The farm is located 2.6 km from the river mouth. The farm’s ponds are part of the estuary and benefit from the natural water renovation occurring with the tidal exchange. Since there is no runoff from intensive agriculture or other industrial land uses upriver, the water quality in Alvor is excellent – clean and nutrient rich – key features in the raising of natural seabass and seabream, which feed on what the tide naturally brings with each water renovation. Salinity levels, water renovation, biodiversity, nutrition, weather, and other environmental conditions are all ideal for the farming of European seabass and gilthead seabream, which as wild fish are a part of the estuary ecosystem.
The Alvor farm is a parcel fully licensed for aquaculture inside a bird sanctuary that is part of Natura 2000, the EU network of nature protection areas. The heightened level of environmental protection that comes from being inside the Natura 2000 park ensures the long-term preservation of the environment surrounding the farm, including biodiversity and water quality, both key to the production of natural fish. Effectively, the Natura 2000 designation offers environmental insurance protection that substantially increases the value of the site.
NaturaFish’s proprietary farm management system gathers data from each pond allowing its team to remotely monitor and in some cases control water renovation, oxygen levels, temperature, feeding activity, and pathogens. The system is accessible via a proprietary mobile app allowing for 24/7 remote monitoring and management. Automatic SMS notifications inform of changes in conditions requiring the attention of a human. E.g., unusual changes in water temperature, water levels, feeding activity, or the suspected presence of pathogens.
Presets direct the system to automatically respond to changes in conditions in each individual pond without human intervention. For example, when oxygen concentration falls below a certain preset level, the system fires off the respective oxygen pumps until adequate oxygen concentration levels are restored to within acceptable limits, at which point the pumps are automatically disconnected. The system notifies the team of the occurrence – the change in conditions as well as any action taken.
The NaturaFish team has decades of experience in natural pond farming in Portugal’s clean inlets and estuaries.
NaturaFish produces 400g and 800g European seabass (Dicentrarchus labrax) and 400g gilthead seabream (Sparus aurata). Its per-kg price targets for 2020, 2021, and 2022 are between 7€ and 12€.
The Alvor farm has the capacity to produce 500 tons of fish per year. The company plans on growing its production capacity through the acquisition of sites on which to develop farms similar to the Alvor installation, with the same care for the animals it raises and the environment.
The Company’s sales strategy before the Covid-19 outbreak was to sell to HoReCa wholesalers. Since hotels and restaurants in 2020 saw a massive reduction in activity, the Company redirected its sales efforts to large retailers and distributors to local fish markets, institutional cafeterias, and small retailers.
In the short sales history, penetration into large retailers has steadily increased, with NaturaFish’s product positioned at the top of the market in both quality and price. In the medium to long-term, the goal is to position NaturaFish as a leader in the natural and sustainable aquaculture space by highlighting the Algarve as the origin and the organoleptic qualities of its products, highly appreciated by influencer chefs. In parallel with large retail distribution, and as hotel and restaurant operations normalize, the Company will increase penetration into the HoReCa channel through wholesalers.
Finally, NaturaFish is currently developing a direct-to-consumer communication strategy that may lead to direct-to-consumer distribution, which would allow it to shorten the distribution chain, increase margins, improve traceability and quality control and eliminate or mitigate certain distribution disruption risks. Even so, this is a long-term plan, involving an extended study of several operational and supply-chain issues.
Important to highlight is that, even during the Covid-19 period and having changed the distribution channels, the company was still able to consistently penetrate the big retail and maintaining their market top’s positioning in terms of quality and price.
Clients
Suppliers
Active since
2005
Fiscal country
PT
Operating In
"Portugal"
Industry
Aquaculture
Number of Goparity Loans
5
Women Shareholders
No
Website
https://naturafish.com/2021-04-13
The promoter has confirmed that the funds have been implemented as originally planned.
2021-02-12
First instalment was paid to all the investors
2021-02-09
2021-01-09
560 investors successfully raised 150.000€
2020-12-10
This campaign is open for investment