Advantage Capital Agribusiness Partners has led a $12 million Series B funding round in Fishpeople Seafood, a Portland-based company focusing on sustainable and traceable seafood.
The company says it will use the funding to expand distribution of its consumer and ‘for chef’ product lines, as well as to invest in further product innovation.
ACAP, a $154.5 million US Department of Agriculture-licensed rural business investment company, was supported in the round by existing investor 3X5 Partners, as well as new investors S2G Ventures, Encourage Capital, Blueberry Ventures and Collaborative Fund.
“When we heard about Fishpeople, we knew we needed to get involved with this company,” ACAP principal Tyler Mayoras said. “The seafood industry is one of the last to see meaningful improvements in product quality or sustainability, so we are excited to work with a group of people that is so dedicated to providing better options and full traceability for consumers.”
Fishpeople works with small-scale fishermen to catch only abundant species of fish. Its consumer products are available in more than 5,000 natural and conventional grocers as well as club stores across the US, while their ‘for chefs’ product line of fresh and frozen food service solutions is available to restaurants and food service operators on the West Coast.
“We are deeply committed to preserving the resources that future generations are going to need,” said Nicholas Walrod, managing director of 3X5 Partners, another Portland-based “B” Corporation and a long-standing partner of the seafood company. “3X5 is happy to back companies like Fishpeople that serve the needs of consumers while benefiting the planet and those who live and depend on it.”
Fishpeople did not disclose the amount committed by each investor. The company was not immediately available for comment.