France-based Agriloops raises €13M to launch its aquaponics farm, Mangrove #1
Agriloops Aquaponics Farm France | Vishal Singh |
IMAGE: Agriloops team | Image credit: Agriloops
Rennes-based Agriloops, a sustainable aquaculture company, announced that it has secured €13M in funding along with debt and grants. A crowdfunding campaign on the Sowefund platform contributed to the completion of the funding round.
This funding empowers the company to commence the construction of its flagship commercial demonstrator, Mangrove #1.
Spanning over 1 hectare in Brittany, this aquaponic farm is set to become one of Europe’s largest, with an annual production capacity exceeding 100 tons of shrimp, fruits, and vegetables.
Jérémie Cognard and Romain Vandame, co-founders of Agriloops, say, “Mangrove #1 is a key milestone to demonstrate the scalability and profitability of our technology.”
“We are eager to illustrate our unique approach that offers significant environmental benefits while meeting the growing needs of our industry. We are extremely grateful to our investors for their trust and support, providing us with the resources to accelerate our development.”
Investors supporting Agriloops
The funding round for Agriloops garnered support from a new banking consortium, along with existing investors like BNP Paribas Développement, OGHI, and Business Angels.
New participants include SPV Aqua Invest, regional fund Breizh Up, impact funds Transitions First and Good Only Ventures, as well as non-profit organisation Sustainable Ocean Alliance (SOA) based in San Francisco.
Patricia Leyrat, BNP Paribas Développement, says, “Agriloops operates in sustainable aquaculture and strives to offer healthy food. We have been supporting the team since its first seed round and stand by the company to continue its development and move from proof of concept to commercialisation.”
“We are convinced by the relevance of the technology implemented and that the aquaponic farm will demonstrate it.”
Benjamin Wattinne, CEO and Founder of Sowefund, adds, “Sowefund would like to sincerely thank all the investors who participated in this operation and congratulate Agriloops on its very successful fundraising. This new operation on our platform once again demonstrates our shared commitment to French innovation and sustainable agriculture.”
Agriloops, local and resource-efficient shrimp farming
Founded in 2016 by agronomic engineers Jérémie Cognard and Romain Vandame, Agriloops specialises in saltwater aquaponics, blending aquaculture and horticulture for sustainable, local shrimp farming.
Agriloops uses a hybrid technology intersecting the circular economy, industry, and digital, and aims to champion a more ethical and sustainable production model.
Agriloops’ farms yield local, premium shrimps that are antibiotic-free and never frozen, providing a fresh-from-catch-to-cooking experience. The saltwater environment and natural fertilisers result in co-produced fruits and vegetables with enhanced taste and nutritional qualities, such as cherry tomatoes with increased sugars, vitamin C, and overall flavor.
Brief about Mangrove #1
Mangrove #1 integrates a 2000 m2 aquaculture building and a 5000 m2 vegetable greenhouse, showcasing a sustainable aquaponic loop.
Water from shrimp tanks is recycled to fertilise fruits and vegetables, saving up to 90 per cent of water and minimising the need for additional fertilizers.
According to Agriloops, France’s annual shrimp market of 120,000 tons heavily depends on imports from Central America and Southeast Asia. Relocating shrimp farming from mangrove areas, vital carbon absorbers, poses a substantial ecological challenge.
Agriloops, positioning Mangrove #1 in Bréal-sous-Montfort near Rennes, aims to pioneer saltwater aquaponics, reshaping the shrimp market and potentially expanding to other marine species.
The launch of Mangrove #1 in the coming months will also lead to the creation of approximately 10 jobs, effectively doubling the current team.
Original Article Here: https://siliconcanals.com/crowdfunding/agriloops-raises-13m/
