March 5, 2024

By Lynda Kiernan-Stone, Global AgInvesting Media

After patenting their saltwater aquaponics technology and successfully operating a pilot farm, pioneering French sustainable aquaculture company Agriloops announced a second capital increase supplemented by debt and grants, for a total of EUR 13 million.

This new round included participation from a new banking consortium and various return investors such as BNP Paribas Dévelopment, OGHI, and undisclosed Angel investors. New investors joining the round included SPV Aqua Invest, the regional fund Breizh Up, impact funds Transitions First and Good Only Ventures, along with the Sustainable Ocean Alliance (SOA), a non-profit international organization based in San Francisco. These investors were also augmented by a record-breaking crowdfunding campaign managed by the Sowefund platform. 

“Sowefund would like to sincerely thank all the investors who participated in this operation and congratulate Agriloops on its very successful fundraising,” said Benjamin Wattinne, CEO and founder, Sowefund. “This new operation on our platform once again demonstrates our shared commitment to French innovation and sustainable agriculture.”

Founded in Rennes in 2016 by two agronomic engineers, Jérémie Cognard and Romain Vandame, Agriloops’ aquaponic platform combines aquaculture and horticulture in a saltwater environment, resulting in a shrimp farming system that the company stated respects both nature and humanity. 

Through this hybrid technology that intersects the circular economy, industry, and digital components, the company has built a more ethical and sustainable model for the production of local and premium shrimp without the use of antibiotics that are caught and sold within the same day.

Agriloops also explained that the co-produced fruits and vegetables have superior taste and nutritional profiles due to the saltwater environment and natural fertilizers that enable the production of a cherry tomato with more natural sugars, taste, and vitamin C, for example. 

Since its inception, the company has been supported by the two co-founders of Ynsect – Alexis Agnot and Antoine Hubert, and has benefitted from government support programs along the way. Its initial fundraise financed the R&D phase and its pilot farm in Rennes, and this second tranche of capital marks a turning point for the company, stated Agriloops. 

With this capital, the company will begin the construction of Mangrove #1 – its 2,000 square-meter commercial demonstrator and adjoining 5,000 square-meter vegetable greenhouse. Built on more than one hectare in the heart of Brittany, the site will have a capacity of more than 100 tons of shrimp, fruit, and vegetables per year, making it one of the largest operations of its kind in Europe. 

Essentially, the effluent-rich water from the shrimp tanks is recycled and converted into fertilized water to feed the fruit and vegetable crops, allowing for a significant savings on fertilizers and up to a 90 percent savings on water. 

The development of this operation is meaningful, given the economic and ecological realities. In France, the shrimp market accounts for approximately 120,000 tons per year, of which the vast majority are currently imported from Central America and Southeast Asia where tropical shrimp farming is typically carried out in mangroves, which are natural high-efficiency carbon sinks. Making the relocation of production a significant ecological challenge, explained Agriloops.

With the establishment of Mangrove #1 in Bréal-sous-Montfort, on the outskirts of Rennes, Agriloops stated it is looking to establish itself as a pioneer and leader in saltwater aquaponics, while revolutionizing the shrimp market and the future markets of other marine species. 

“Mangrove #1 is a key milestone to demonstrate the scalability and profitability of our technology,” said Jérémie Cognard and Romain Vandame. “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.”

~ Lynda Kiernan-Stone is editor in chief with GAI Media, and is managing editor and daily contributor for Global AgInvesting’s AgInvesting Weekly News and  Agtech Intel News, as well as HighQuest Group’s Unconventional Ag. She can be reached at lkiernan-stone@globalaginvesting.com.

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