Zeeland-based The Kingfish Company is involved in the production of Dutch Yellowtail, a high-quality, antibiotic-free marine finfish species in its active on-site R&D facility and advanced grow-out system design and construction unit. It is delivered across the EU on a daily basis as well. In a recent development, the company completed its Private Placement successfully with a total transaction value of nearly €50M.
Private Placement with eight investors
The Kingfish Company has announced that the Private Placement has been completed with NOK 535.5M (nearly €50M) via the allocation of 26,042,000 new shares in the company. It adds that each share is priced NOK 20.563392 (nearly €1.92). Primarily, the net proceeds from the Private Placement will be deployed towards the expansion of its Europe facility (The Netherlands, System F), acceleration of permitting and engineering for the company’s United States (Maine) roll-out plan and general corporate purposes at the current site in the Netherlands.
Eight cornerstone investors have been allocated shares worth NOK 408M (nearly €38.7M) in the Private Placement. It bagged support from its largest shareholders – Creadev International S.A.S. is its largest shareholder and Rabo Participaties with NOK 97.5M (nearly €9.24M) and NOK 75.3M (nearly €7.13M) worth allocated shares respectively. The other investments include Claris B.V., Tycoon Industrier AS, Cibus Enterprise Fund LP, Kverva Finans AS, Lin AS, and Sortun Invest AS.
Following the Private Placement, the company’s CEO, acting CFO and COO have entered into customary lockup arrangements with DNB Markets as sole global coordinator and joint bookrunner for a period of 12 months. The chairman of the supervisory board, Creadev and Rabo have entered into customary lockup arrangements for six months.
The Kingfish Company’s chairman of the Supervisory Board also welcomed its newest board member Helge Moen (former Managing Director Kverva). Moen will join Alexandre van der Wees, Jeroen Scheelbeek, and Martin Jansen. “The extensive experience and expertise of our board members is an important asset for the growth of the company, and will continue to support The Kingfish Company’s management as it delivers excellence in operations and executes our future expansion plans,” says Hans den Bieman, Founder and Chairman of the Supervisory Board.
Listed at Oslo Stock Exchange
Soon after the completion of Private Placement, the company applied to be listed on the Oslo Stock Exchange and it was supposed to be approved on getting necessary approvals. On November 25, it was listed and commenced trading on the Oslo Stock Exchange’s Merkur Market (to be renamed Euronext Growth soon).
“We are excited to turn the page from a start-up to a scale-up, and pursue the implementation of our global expansion strategy following the listing at the Oslo Merkur Market,” says Ohad Maiman, founder and CEO of The Kingfish Company.
Leading seafood producer in the Netherlands!
The Kingfish Company is claimed to be a leader in high-value seafood production in the Netherlands. The Dutch company uses advanced land-based Recirculating Aquaculture System (RAS) technology. This technology is touted to offer a reliable, sustainable and fully controlled production environment. Furthermore, it is claimed to be an excellent sustainable alternative as well.
Image credits: The Kingfish Company
With an aim to improve the healthcare system for patients, Belgium-based Novalis Biotech, an early-stage VC investor in healthtech sector, has successfully closed the first round of its second fund, Novalis Biotech Acceleration, raising an initial €8M. The majority of investors in Novalis’ first fund have co-invested in this first closing.
The fund also claims to have commitments for a similar amount to be raised soon; anticipates a final closing in early 2021. “We have already doubled our first fund in this closing, and with the commitments, in place, we are almost fully subscribed to reach our goal of €25M. With the addition of a couple of new investors, we remain on track to fully close the Acceleration Fund in early 2021,” says Jan Van den Berghe, co-founder of Novalis.
Novalis Fund 1 totalled €4M deployed into eight companies, mostly in the Benelux region, which focused on genomics, bioinformatics and digital health. These include BioLizard, Cergentis, Enzyre, Epify, Fertiga, myNEO, and OHMX.bio.
Geographically, the exception was its investment in doc.ai, a digital health company based in the U.S. For Fund 2, Novalis will expand to other areas in Europe and make additional investments in the U.S.
Novalis Acceleration Fund
For the Novalis Acceleration Fund, investments will be split between approximately ten early-stage incubation projects and about ten acceleration projects, where the investment in each company is larger. Two initial investments have been identified and will be closed soon.
“Our investment strategy for Fund 1 was very successful. Each company brings a unique perspective to healthcare, many of which are based on our own ideas,” says Prof. Wim van Criekinge, co-founder of Novalis Biotech.
Speaking about the Acceleration fund, Prof. Criekinge says, “We will continue this strategy into the Acceleration Fund as well as look at companies where our investment will drive the process. There are already a number of companies we have identified for investment as well as plans to incubate a further company based on our internal assessments.”
About Novalis Biotech
Novalis was founded by Prof. Wim Van Criekinge and Jan Van den Berghe in 2018. It provides seed funding and ongoing support to biotechnology and life sciences companies.
Novalis incubates and advances its own ideas or supports existing innovative life science startups. It invests where a relatively small investment can create significant value through the use of software, IP, tools, and other technology that can serve and benefit healthcare.
The company’s core competence lies in the interaction between bioinformatics, genomics, and digitalisation in the life sciences industry. The VC firm wants to advance in the prevention, diagnosis, or treatment of a disease. Hence, it provides hands-on support for startups, allowing an idea to be built into a successful company.
Image credit: Konstantin Kolosov/Pixabay