January 10, 2024

GeoSalmo secures US$14.6 million funding for land-based salmon farming project

GeoSalmo, an Iceland-based aquaculture company, has successfully closed a substantial financing round, securing EUR 13.4 million (US$14.6 million) from investors spanning Norway, Sweden, Iceland, and the Netherlands, Arctic Startup reported.

The Icelandic company, known for leveraging the country's natural advantages for land-based salmon farming, is committed to environmentally friendly production methods that ensure consistent quality and timely delivery of products. The significant funding injection will play a crucial role in advancing GeoSalmo's mission to establish a 24,000-ton salmon facility in Ölfus, focusing on sustainability and societal harmony in aquaculture practices.

GeoSalmo's approach integrates cutting-edge technology with Iceland's abundant natural resources to create a model for responsible salmon production. The company envisions delivering high-quality salmon while adhering to eco-friendly practices, setting a new standard for the industry.

A diverse group of influential investors from Iceland, Norway, Sweden, and the Netherlands have joined forces to support GeoSalmo's growth trajectory. Notable investors include Skel Investment Company, Úthafsskip, the ownership group of seafood company Eskja, Norwegian industrial conglomerate Endúr ASA, and Dutch fish processing and distribution company Adri & Zoon.

As part of this funding initiative, Pål Reiulf Olsen, Chairman of Endúr and an experienced Norwegian director with ties to the aquaculture industry and financial markets, along with Marinella Haraldsdóttir, CEO of Úthafsskip, will join GeoSalmo's board. Their expertise and strategic insights are expected to contribute significantly to GeoSalmo's journey towards advancing sustainable and innovative practices in land-based salmon farming.

The board will see the collaboration of Pål and Marinella with GeoSalmo's founder and main shareholder, Aðalsteinn Jóhannsson, as they collectively steer the company towards its vision of transforming the aquaculture landscape.

-      Arctic Startup