Atlantic Fish Co. (AFC) has closed a $1.2 million seed financing round. The investment was led by Katapult Ocean, Alwyn Capital, DMV Capital, and the Georgetown Angel Investment Network (GAIN), with additional participation from other mission-aligned investors. The company also received a Small Business Innovation Research (SBIR) grant from the National Science Foundation (NSF), further contributing to the funding round. AFC’s total funding to date now stands at $2.3 million.
Tackling a $400 billion problem
AFC’s technology addresses challenges in the $400 billion global seafood market, which is under strain due to overfishing and limited sustainability in traditional aquaculture. AFC is developing a platform capable of producing cultivated seafood across multiple species, with an initial focus on high-value whitefish such as black sea bass.
Sam Selig, Investment Manager at Katapult Ocean, expressed confidence in AFC’s progress: “Doug, Trevor, and the Atlantic Fish team have demonstrated outstanding execution in the nearly two years since our first conversation, consistently hitting technical milestones and advancing their platform toward what we believe is breakthrough technology in cultivated protein.”
Next steps for AFC
Unlike traditional aquaculture, AFC’s proprietary method avoids issues like mercury, microplastics, antibiotics, and parasites by creating restaurant-quality fillets through cell cultivation. The company is currently working towards regulatory approvals and planning its market launch in collaboration with chefs and foodservice partners.
AFC plans to use the funds for product optimization, regulatory preparation, and partnerships with chefs and foodservice partners to validate market fit and establish distribution channels.
Doug Grant, CEO of Atlantic Fish Co., stated, “The cultivated meat sector has learned expensive lessons, and there are still only a handful of products on the market. We’ve stayed capital-efficient with disciplined milestones and focused on seafood, the category best positioned to break through. This $1.2M enables us to finalize our go-to-market product and secure the regulatory greenlights to launch in the US”
