Agriloops, a French company combining shrimp and vegetable farming, has successfully concluded a fundraising round of 13 million euros to finance the construction of its first commercial-scale farm, Mangrove #1. Over the last 4 years, the French entrepreneurs have learned all about saltwater aquaponics, combining aquaculture and greenhouse growing to offer local, premium shrimp production. Now, they're ready for the next step.
"Mangrove #1 is a key milestone to demonstrate the scalability and profitability of our technology. We are eager to demonstrate our unique approach that offers significant environmental benefits while meeting the growing needs of our industry," said Jérémie Cognard and Romain Vandame, who founded Agriloops in 2016, adding the fundraising marks a milestone for the company, which has been supported since its inception by companies like Ÿnsect's co-founders Alexis Angot and Antoine Hubert.
After an initial round of funding that financed the R&D phase and a pilot farm in Rennes, this second round of 13 million euros marks a new turning point for Agriloops. It allows the Breton company to begin construction of its commercial facility Mangrove #1, which will cover over 1 hectare in Brittany, France, and boast a production capacity exceeding 100 tons of shrimp and fruits and vegetables annually. It consists of an aquaculture building of 2,000 m² and an adjoining vegetable greenhouse of 5,000 m². According to the founders, this aquaponic farm will become one of Europe's largest, showcasing Agriloops' approach to sustainable food production.
The water from the shrimp basins, loaded with effluents, is recycled and converted into water loaded with fertilizers to feed fruits and vegetables. This aquaponic loop saves a significant amount of fertilizers and up to 90% of water, explain the two leaders.
This approach has garnered support from various stakeholders, including government programs like France Relance and BPI France's DeepTech Development Aid. Furthermore, Agriloops has attracted investment from a diverse range of backers, including banking institutions, historical investors like BNP Paribas Développement and OGHI, as well as new investors such as SPV Aqua Invest, Breizh Up, Transitions First, and Good Only Ventures. The company's approach has also been recognized internationally, with support from organizations like the Sustainable Ocean Alliance (SOA).
Its launch in the coming months will create about ten jobs to double the current team.
For more information:
Agriloops
www.agriloops.com