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125.000 €

100% funded by 270 investors

Oysterworld I

Location Pin Svg
Setúbal, PT

instalment

monthly

term

2 years

a year

5.2%

rating

R

Equipment for sustainable oyster production in Portugal.

Description

Oysterworld is a Portuguese company focusing on sustainable oyster production since 2013. The bivalves are exported mainly to Spain, France and the Netherlands.

In 2017, the company increased its production capacity by 400% (to 360 tonnes). Following this increase, Oysterworld decided to adopt a new innovative production method, tested and recognized in Australia. The new system requires an equipment called “Hexcyl Rotative Baskets” that will allow for the automatic oyster rotation on each tide and it will help the company expand its oyster production in Setúbal, where they own an area of 18 hectares. As well as this, the company is trying to fund solar panels and an energy generator, a warehouse and other equipment.

The project requires an overall investment of € 2 141 940, that will be implemented between 2019 and 2020. The company applied to MAR 2020, and was granted € 1 070 970 (50% non reimbursable). Goparity will be co-funding the remaining amount through eight crowdlending campaigns.

Financial Viability

In December 2018, the company’s total assets were above 2,40M€ (1.8M€ in equity and 635.000€ in liabilities). Besides this, the project will generate the following benefits:

  • 70% reduction in operating costs
  • Reduce the species’ breeding time
  • Improve the quality of the oyster
  • Increase the selling price as a consequence of the better product

With almost half of the necessary amount being funded by an outright grant programme, MAR2020, this represents a sound and secure investment.

The Impact

The oyster extraction sector is mainly settled in traditional techniques and intensive labour and that is why Oysterworld, which positions itself as one of the most innovative in the sector in Portugal, is looking to use new technological methods which, not only will assure its competitiveness in a growing market, but also ensure better work conditions and a better product.

This project has a very positive social and environmental impact contributing to:

  • Sustainable production and consumption: Oyster farming has a positive impact in the marine environment, as it improves water quality by acting as a filter (a single oyster filters on average 55 litres of water a day), it reduces the need for extractive fishing and it does not interfere with the natural stocks.
  • Gender equality: the fishing labour sector is mainly occupied by men. This is mainly due to the low level of mechanization and automation that requires the use of strength. This project opens doors for hiring women. In fact, 50% of Oysterworld’s current employees are women.
  • Better working conditions: the tasks required for oyster production are physically challenging, often leading to injuries, skin burns, other wounds or physical exhaustion. The improvements brought by this technique will reduce the employees’ physical exhaustion, increasing their productivity. Also, the company pays salaries above the average within the sector.
  • Community sustainability: the people in the surrounding communities mostly work in seasonal jobs, connected to agriculture. Oyster production is supplying a steady job.

“This is a unique project that combines the positive environmental impact with the growth of a value-added industry, with potential for export and job creation in local communities", explains Nuno Brito Jorge, CEO of Goparity.

Sustainable Development Goals

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The Promoter

About OYSTERWORLD, LDA.

Founded by the current shareholder and Head of Production, Francisco Bernardino, Oysterworld is dedicated to the sustainable production of oysters. Francisco and his partner, Lopo Rocha, have more than 10 years of experience in the oyster industry. The company owns an area of 18 ha in Setúbal and has 16 employees, including biologists, chemical and mechanical engineers, pathologists and financial experts. For the development of its activity, the company owns two ships - Canes and Alcaçarenha & Cobelos, located in Setúbal. They have a combined area of more than 20 hectares and are located in the Sado Estuary Nature Reserve. The peculiarity of these waters makes them ideal for the development of oyster farming, mainly with regard to hydrographic conditions (tides), saline levels and the richness of the phytoplankton.

Business Model

Oysterworld has been dedicated to sustainable bivalve farming, namely oysters, for 7 years. The company has a share capital of 400.000€ and exports most of its production to European countries, mainly to Spain, France and the Netherlands. The market they operate in is characterized by high demand and lack of supply (selling 100% of the production in recent years) and it has a great international potential (over 90%). Their value proposition is mainly focused on selling a high quality product not only for the applied production methods, but also for the species, which is greatly accepted in the market with a very competitive price that guarantees that 100% of the production is sold even in years where the production is greater. On top of this, they have an independent strategy by never relying on any single client for more than 20% of the company’s sales.

Active since

2013

Fiscal country

PT

Operating In

Setúbal

Industry

Oyster Farming

Number of Goparity Loans

3

Women Shareholders

No

Updates

2021-10-25

Change in risk classification

This project has received the risk classification R, due to the fact that its loan restructuring (which happened on January 21st 2021) implied an increase of the loan term of at least 12 months.

2021-01-21

Loan terms were restructured

The recent COVID-19 outbreak has affected the promoter's financial situation. Therefore, Oyster World asked for a change in the loan's terms. The new conditions consist of the introduction of an 18 month grace period and the extension of the project's duration by 60 months. The last payment will take place on July 15, 2026. The annual interest rate has also increased to 5.5%.

2020-04-10

April 2020

Future capital increase of 100k€ to be implemented in October 2020, meaning that after this increase the social capital of the company will be 600k€.

2020-03-10

March 2020

Capital increase of 100.000€.

Change in the total amount of investment to 1,6M€, as well as an extension for its implementation. Already approved by the Managing Authorities of MAR2020.

2019-12-20

Project Photographs

2019-08-18

1st payment

First instalment was paid to all the investors

2019-07-10

100% funded

2019-07-04

Open for investment

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