LocalCoho secures funding from investment firm Cuna del Mar
October 2, 2023
By Nestor Arellano
New York-based recirculation aquaculture system (RAS) company LocalCoho is now closer to its goal of raising US$4 million by the end of 2023. LocalCoho said it secured a “significant new investment” from impact investment firm Cuna del Mar.
LocalCoho’s salmon are grown in the Finger Lakes Region of New York State. The company is focused on growing premium coho salmon.
“We were impressed by the LocalCoho business plan, management team, and their approach to building supply of a great tasting fish close to market,” said Robert Orr, managing director of Cuna del Mar. “The intent of our investment is to enable them to properly prepare for full scale up and commercialization.”
Cuna del Mar explores, supports and develops open ocean aquaculture methods and other enabling technologies that are economically viable as well as environmentally and socially responsible. The investment firm did not mention how much funding it is providing LocalCoho.
However, a joint press release said the “multi-million-dollar investment will allow LocalCoho to prepare for expansion of its pilot facility in the Finger Lakes region of upstate New York and start mapping a plan for growth in other regions of the U.S., with a farm eyed for the Midwest.”
“Their investment provides capital to advance our vision allowing us to get one step closer to expansion,” said Michael Fabbro, chief executive officer of LocalCoho.
This is the second major investment for LocalCoho in the past year. LocalCoho received significant funding in November 2022 from seafood industry veteran Rodger May of Peter Pan Seafood to increase harvest capacity and continue to improve husbandry practices. The company also received a $500,000 grant from New York State Development in 2022 to help commercialize its business.
LocalCoho is seeking to raise an additional $4 million by the end of 2023 to fund its next growth phase.
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