Description

Oceano Fresco is a shellfish aquaculture company that aims to feed the world sustainably.

This is the promotor's 21th Goparity campaign.

This campaign aims to finance the company's expansion to a new species (Ostrea edulis) that they will farm in Oceano Frescos' sites and to develop innovative farming systems. It marks the first time ever that Oceano Fresco has expanded to a new species, in this case, the original European oyster native species. 

Following a successful farming and commercial test, the promoter will now invest in a large-scale first harvest of this new species:

• Set up strategic partnerships with various external hatcheries in Portugal and abroad to purchase hatchery-born seed and to test and monitor its performance in their different production phases and systems to ensure good genetic fit with our nursery and farm environments.
• Acquisition and setup of new farming equipment (holding units and mesh bags), to enable a significant production biomass increase and also to pilot test alternative farming systems to confirm the best cost/benefit advantages.
• Research & Development efforts to create a proprietary oyster farming unit innovation that best fits the open sea farm environment, including a phased pilot test with a several iterations approach to the co-development. This will become Oceano Fresco’s intellectual property.
• Commercial study, to identify best markets and prospect customers in Europe for selling our large-scale flat oyster (Ostrea edulis) production, with year-on-year growth plans.
• Feasibility study for future CAPEX oyster farming investments, to enable future expansion plans and also year-on-year productivity improvements.
• Product testing to confirm all Quality Control requirements, including nutrition facts and product certifications.

Ostrea edulis is the original European oyster. Unfortunately, its population has declined significantly due to overfishing, disease, and habitat loss. According to FAO, a massive mortality struck European flat oyster populations in 1920. Then, two diseases (Marteilia refringens and Bonamia ostrea) spread in the early 1970s and 1980s, drastically reducing the production of Ostrea edulis in almost all European traditional rearing areas.

Today, the production of the European flat oyster is scarce, as most oyster producers in Europe focus on the invasive species, the Pacific cupped oyster (Crassostrea gigas). France is the biggest producer of flat oyster in Europe, with approximately 2.000 tons per year of adult size, mainly concentrated in Brittany, in the bays of Cancale and Quiberon, according to IFREMER. The flat oysters cultivated in Brittany are named “Belon” due to the proximity of the Belon river and enjoy a reputation for excellence.

Oceano Fresco's flat oysters have a unique and intense flavour. This flavour is often described as bold, briny, and mineral-rich, with a slightly metallic or earthy aftertaste. Their texture is slightly firmer than that of other oysters. Flat oysters (Ostrea edulis) are visibly different from the Pacific cupped oyster (Crassostrea gigas). The shells are typically smaller, rounder and flatter, in contrast to the Pacific cupped oyster, which is more elongated and irregularly shaped. The flat oyster is an Atlantic species, so it naturally fits well with our open-sea farm environment.

The company has raised 4.450 million euros through Goparity's investor community since its first campaign in January 2020:

• The amount raised in Oceano Fresco I, II, III, IV, V, and VI campaigns (730.000€) was used to co-finance the installation of the world's first open sea clam farm in Lagos, Algarve. The clams are suspended in the open sea, where they can grow sustainably in their natural environment.
• The amount raised in Oceano Fresco Innovation I, II, and III campaigns (500.000€) was used to co-finance two research and development (R&D) projects focused on the cultivation of clams and one project in the area of food innovation. The R&D projects in the areas of genetics and pathology are highly innovative worldwide, leading to two incentives totaling 2.0 million. The food innovation project aims to develop new products and packaging to create value and promote sustainable clam consumption.
• The amount raised in has Oceano Fresco Growth I, II, III, and IV campaigns (1.000.000€) was used for cultivation, operations, sales, marketing, and R&D. The Growth series meant to finance projects that enhance the growth of the company's production to enter the market with a larger sales scale.
• The amount raised on Oceano Fresco Farm I, II, and III (750.000€) was used to continue financing projects that enhance and grow the company's production.
• The amount raised in Bivalves Hatchery I , II and III (1.180.000€) was used to increase the production and consistency of seeds throughout the year, including cultivation of microalgae, the sole food source for bivalves.
• The 300.000€ raise in Oceano Fresco Nursery was used to install and trial a new intermediate production phase and site, to create scale for its seed production.

The Impact

Promoting sustainable and resilient food production systems: This loan will enable Oceano Fresco to enter the Oyster production market, recognised as a highly sustainable source of food and protein. Oyster farming is among the most sustainable animal protein systems, requiring no feed or freshwater, generating minimal emissions, and providing ecosystem services. 

Promoting innovation and entrepreneurship: The loan will allow Oceano Fresco to continue investing in the research and development of this new product line. It will also support the acquisition of the necessary infrastructure and farming equipment, strengthening the company’s capacity for innovation and sustainable growth. 

Promoting sustainable marine economic activities and promoting the restoration of the marine ecosystem: The project will establish a non-extractive farming system based on the cultivation of native species, which will help to restore biodiversity. Oyster Farming requires no feeding inputs, oysters naturally filter large volumes of water (removing excess nutrients which improves water clarity and reduces harmful algal blooms) and can sequester carbon, contributing to climate change mitigation. This approach contributes directly to climate change mitigation and the regeneration of marine ecosystems, aligning with broader blue economy and sustainability goals. 

Impact Indicators

4

jobs created

Contribution to the Sustainable
Development Goals

Sustainable Development Goals

Financial viability

Download the Financial Statements for the promoter here

Download Key Investment Information Sheet

The Promoter

About Oceano Fresco S.A.

Oceano Fresco was founded in 2015 by Bernardo Ferreira de Carvalho.

The company is focused on sustainable aquaculture of high-value bivalves (European clams), using scientific research and methods, and an innovative approach in the systematic improvement of aquaculture. Funded in 2015 by Bernardo Ferreira de Carvalho, the company's motto is: “we can regenerate nature if we farm and eat better”. The company is led by a Board of five Directors with scientific, financial, and business experience, including launching and scaling up of start-ups. They are supported by a growing Operational Team (43 people) covering R&D, production, and business and several Advisory Board members with world-renowned fish breeding experts.

The company has built a state-of-the-art Biomarine Center, including a hatchery, labs, and offices in central Portugal, as well as a 100-hectare sea farm off the coast of the Algarve region. With these rare and complementary assets, the company will apply advanced selection and breeding methods to native European clam species of high nutritional and market value, which are presently being replaced in the market by their low-value Asian counterparts (low organoleptic value). 

The company is proud to have accomplished the following milestones:

• (2015-16) Conducted a field study in key aquaculture countries that confirmed market potential;
• (2015 onwards) Hired a highly skilled and experienced team covering R&D, production, and business;
• (2015 onwards) Was awarded 3.5€ million in Portuguese and EU grants;
• (2016-17) Completed proof-of-concept projects that confirmed the business model viability;
• (2018) Signed a 25-year land lease concession for the Biomarine center location;
• (2018) Obtained all the required licenses from the authorities to operate the hatchery;
• (2018) Acquired a fully licensed, 30+20-year concession for off-shore farming with 103ha;
• (2018) Established a 5-member BoD combining plant and fish breeding with business experience;
• (2018-2020) Raised 7,5 million euros in seed and A rounds from 2018 to 2020, from institutional and individual investors;
• (2020) Set up the off-shore farm physical infrastructure in the sea;
• (2020) Built a state-of-the-art Biomarine center, including a hatchery, labs, and offices;
• (2020) Bought a 12-meter boat, that is based in the company's harbor in Lagos;
• (2021) 2,5 million clam seeds ready to be sent to the off-shore farm in Algarve;
• (2021) Clams growing in the sea, in the company's offshore farm, in Algarve.
• (2022) Launch of the new boat Oceano Fresco I and construction of the Packaging and Dispatch center. 
• (2023) Strengthen investment in R&D and innovation, including key the projects: Atlanticlam and Blue Bioeconomy Pact 
• (2024) Recognised as the “EU Blue Champion” by the European Investment Bank and the European Commission in the context of the EU missions to Restore our Ocean and Waters and closed Investment series by Indico Capital Partners, BPF, BlueCrow and AquaSpark. 
• (2025) First-ever harvest and sales of adult flat oysters

The team

Bernardo Carvalho

CEO and Managing Director

Entrepreneur and independent consultant for leading companies in agro-genetics, pharma, and banking.

Frederico Reis

CCO and Managing Director

Marketing & Sales senior executive with >15 years in FMCG, Consumer Healthcare, Electronics and food Retail across Europe.

Nuno Arantes Oliveir

Co-founder and Advisory Board Chairman

Life Science executive and entrepreneur. PhD in Genetics. MIT Portugal, NOVA-SBE. 200M Fund. Research at Univ. of California.

Olivier Cottet

Member of the Advisory Board

Plant breeding specialist. >20 years experience managing breeding programs at Syngenta.

Stan Allen

Member of the Advisory Board

Shellfish breeding specialist. Director of Aquaculture Genetics and Breeding Technology Center at Virginia Institute of Marine Science (USA)

Rui Rodrigues

Non-executive Director, Indico Capital Partners

Scott Mactier

Chief Technical Officer

Business Model

Updates