November 2, 2022
US aquaculture startup LocalCoho gets new funding from seafood industry players
LocalCoho, a US land-based aquaculture startup that produces premium Coho salmon, has received significant, new funding from two prominent seafood industry entrepreneurs, Rodger May and Per Heggelund.
Starting this month, FreshDirect, a leading online grocer, will be the first retailer to sell LocalCoho salmon online. FreshDirect stands out from competitors by working directly with growers, producers and local food innovators.
The multimillion-dollar strategic investment will allow LocalCoho to increase harvest capacity and continue to improve husbandry practices.
May is owner and chief growth officer of Peter Pan Seafood, a leading US processor, wholesaler and marketer of wild-caught salmon with annual revenues of approximately US$400 million.
"Land-based aquaculture will play a major role in the future of American seafood," said May. "LocalCoho is front and center of this emerging industry and its laser focus on quality and sustainability that is already yielding excellent results."
Heggelund, a former owner and operator of a freshwater land-based Coho salmon farm in Washington state, the United States, has been at the forefront of the aquaculture industry for more than 40 years. He pioneered the Coho hatchery and breeding company AquaSeed that became the primary egg supplier in the US, Chile and Japan.
"This funding from visionaries in seafood will help us refine our expansion plans and sales and marketing strategy," said Michael Fabbro, president of LocalCoho. "These two investors are unmatched in experience and knowledge about how to sustainably farm quality salmon and market it to increasingly discerning and eco-conscious American consumers. Rodger's ability to open doors through Peter Pan will be a major plus as we grow."
LocalCoho management, including Fabbro, are also investors. Others include chief operating officer Andre Bravo and chief financial officer Julie Martin and director of business development Will Biggar.
- Benzinga
