Mike Velings, Founder, founder and managing partner of Aqua Spark. (Photo: Aqua-Spark)
Aqua-Spark raises firther funds for aquaculture businesses
Friday, April 21, 2017, 22:50 (GMT + 9)
Netherlands-based firm Aqua-Spark is raising further capital for its open-ended fund to target aquaculture businesses, according to filings made with the US Securities and Exchange Commission.
Sources from the firm focusing on aquaculture investments pointed out that around 90 per cent of the fund’s capital will be invested in established businesses with good growth prospects, while the remaining ten per cent will go to riskier, disruptive companies and the World Fish Incubator programme, which supports aquaculture start-ups.
Aqua Spark takes minority stakes for between EUR 250,000 and EUR 5 million in SMEs, which work towards the production of safe and accessible aquatic life.
The company is aiming to raise EUR 400 million over a ten-year period, and completes a valuation every six months to allow extra capital into the fund.
Pending the current valuation, Aqua-Spark holds EUR 23.22 million in its fund and EUR 14.6 million in a co-investment pool – bringing the total committed capital to EUR 37.82 million.
The fund has attracted 74 LPs – including smaller institutional investors, family offices and high-net-worth individuals – from 14 countries.
It reached a first close at the beginning of 2015 and has so far made seven investments. Aqua-Spark aims to complete 60 to 80 deals across the globe during the fund’s lifetime.
All of Aqua-Spark’s portfolio companies must meet the three principles of economic, environmental and social sustainability: they must generate enough cash to reinvest and provide a return to stakeholders, seek to maintain or enhance ecosystem services, and create jobs and reduce poverty.
Aqua-Spark’s most recent deals were in Love-The-Wild, a US-based company which creates sustainable frozen seafood cooking kits, and Indian Ocean Trepang, a sea cucumber farming operation in Madagascar.
Aqua-Spark was founded by Mike Velings, an entrepreneur who also established payroll system Connexie.