Poseidon Ocean Systems announced the completion of a $20.75 million Series B financing led by the Ecosystem Integrity Fund (EIF) and joined by InBC Investment, along with additional support from existing shareholder Export Development Canada.
This funding will expand Poseidon’s manufacturing capacity and support the company’s growth and delivery of its industry-leading products, Life Support Systems and Hybrid Sea Cage Systems. These technologies form a compelling value proposition for modern salmon farming operations by delivering increasing yields, reduced operating costs, and improved environmental outcomes.
Poseidon’s customers include some of the largest salmon farmers. And the funding round will enable Poseidon to continue their expansion into global markets and deepen their relationships with Canadian, Chilean and UK farmers while also expanding into new markets.
Fort Capital Partners acted as financial advisors. And CR Lawyers LLP and Whiteboard Law served as legal counsel to Poseidon to the Series B funding round.
KEY QUOTES:
“This funding represents an inflection point for the Poseidon team, allowing the company to target key growth areas for the business as well as dedicate new resources into our manufacturing capabilities. This comes at a pivotal time for many of our customers, as changing environmental and regulatory conditions demand modern technology to meet their operational requirements.”
- Jamie Gaskill, Chief Executive Officer of Poseidon
“An environmentally sustainable aquaculture industry is critical to relieving pressure on wild fisheries. EIF is excited to lead Poseidon’s Series B financing, as we believe the company’s innovations can play an important role in minimizing environmental impact and improving fish health. We are confident that Poseidon’s solutions are the future of sustainable aquaculture, and the company is poised for significant global growth.”
- EIF Managing Partner James Everett
“The aquaculture industry plays an important role in B.C.’s economy as well as our food security. InBC’s investment into Poseidon is backing a B.C. company, established here in Campbell River, whose innovative solutions are enabling fish farms here and across the world to be more productive, sustainable and resilient, while meeting the increased global demand for sustainable protein. This investment aligns with InBC’s goals to innovate for the future and build a climate resilient economy.”
- Jill Earthy, Chief Executive Officer of InBC
