January 3, 2024

Bangladesh-based blue-tech startup obtains unknown six-figure funding from Middle East investors

Seaqua, a Dhaka, Bangladesh-based blue-tech startup, announced on January 2 that it has secured a six-figure investment (in US dollars) from influential Middle East investors, a  strategic move that signals a paradigm shift in Bangladesh's fisheries and aquaculture sector.

The company didn't disclose the exact figure and investor details of the investment.

Amirul Mostafa Arefeen, founder and chief executive officer of Seaqua, has a vision for climate-smart fisheries and aquaculture that takes center stage as Seaqua introduces an innovative value chain designed to minimise wastage and enhance efficiency at every juncture. The startup leverages cutting-edge technology to eliminate traditional inefficiencies, empowering fisheries and aquaculture producers with a modern and dynamic approach.

The fisheries sector makes an exceptional 3.61% contribution to Bangladesh's GDP, boasting a  $600 million export market as of 2022. It injects $9.42 billion into the national GDP, meeting 60% of the country's annual protein needs and sustaining over 12% of the population.

Recognising the immense potential within the market, Seaqua strategically positions itself to take advantage of the market. The company said its approach aligns seamlessly with the global seafood market's projected growth of $730 billion by 2030.

A feature of Seaqua's tech-forward strategy is the integration of real-time catch records into its supply chain. Beyond providing retailers with accurate, up-to-the-minute information, Seaqua's data-driven approach reshapes the seafood market by ensuring a constant flow of high-quality products with traceability.

With the fresh capital injection, Seaqua said it aims to revolutionise the industry environmentally and economically. It added that its adoption of blockchain technology for traceability maps not only bridges blue finance gaps but ensures a verifiable commitment to compliance, offering a comprehensive solution to the challenges faced by the fisheries and aquaculture industries.

- Future Startup