LocalCoho, a land-based aquaculture start-up that raises premium Coho salmon at an indoor farm, has secured significant new funding from Cuna del Mar. The impact investment fund invests in leading-edge aquaculture businesses with the potential to create positive disruption in the seafood industry and produce a sustainable and diverse supply of healthy, wholesome fish.
LocalCoho Receives Major Investment from Cuna del Mar Impact Fund
“We were impressed by the LocalCoho business plan, management team, and their approach to building supply of a great tasting fish close to market,” said Robert Orr, Managing Director of Cuna del Mar. “The intent of our investment is to enable them to properly prepare for full scale up and commercialization.”
LocalCoho grows Coho salmon indoors from egg to harvest using Recirculated Aquaculture Systems (RAS) technology. This emerging technology aims to optimize resource use and minimize impact on the local environment and wildlife and allows farms to be sited in areas local to the customers they serve.
The multi-million-dollar investment will allow LocalCoho to prepare for expansion of its pilot facility in the Finger Lakes region of upstate New York and start mapping a plan for growth in other regions of the U.S., with a farm eyed for the Midwest. Its fish are already on the menus of Nobu in New York and Morimoto in Philadelphia.
“Cuna del Mar is a pioneer in supporting aquaculture companies helping to preserve the health of our oceans by using innovative approaches to growing fish. Their investment provides capital to advance our vision allowing us to get one step closer to expansion,” says LocalCoho CEO Michael Fabbro. “That such an industry leader vetted us thoroughly and believes in our strategy and team truly validates what we are doing.”
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This is the second major investment for LocalCoho in the past year. The privately held company received significant funding in November 2022 from seafood industry veteran Rodger May of Peter Pan Seafood to increase harvest capacity and continue to improve husbandry practices. The company also received a $500,000 grant from New York State Development in 2022 to help commercialize its business.
LocalCoho is seeking to raise an additional $4 million by the end of 2023 to fund its next growth phase.
