NSW tech startup OceanFarm, formerly known as SmartOysters, has raised $1.45 million in a bridge round.
Oceanfarmr is one of 23 information technology startups to receive investment from the Catapult VC and Accelerator program, selected from 1,900 candidates from 62 countries.
Fresh Capital enables aqua farming technology and financing startups to scale global growth.
Oceanfarmr allows farmers to accurately record their farm’s activities using GPS-enabled technology described as Ocean Google Maps.
The business raised more than $60 million in funding in September and launched an alternative financing option called Farm to Buy.
Founder and CEO Ewan McAsh said they are delighted to have been selected for the Catapult Accelerator 2022 program and will seek new capital in 2023.
“Oceanfarmr was built to transform the subsea industry, and with this funding we will accelerate our mission. We are already looking forward and focused on building traction as we complete the Series A addition bridge in the new year,” he said.
“Before making the app, I was using memory, whiteboards and spreadsheets – not fast, prone to sometimes costly errors and can be a chore during the workday and weekend.
“Over the past few weeks I have had the opportunity to meet with our farmers across Australia, the US and Europe and hear first-hand the economic and environmental challenges they have faced over the past three years and how OceanFarm has enabled them. Get rid of those common pain points that you do so well and have been a regular practice for years and years.
The Catapult Accelerator Program is designed for high-impact ocean and climate technology companies, and over the next three months, McAsh will focus on strengthening the company’s skills in impact, strategy, governance and investor readiness.
Catapult Ocean CEO Jonas Skattum Svegaarde said their mission is to build a world where prosperous oceans and economic development coexist.
“We are delighted to have Oceanfarmr on board and look forward to the journey through the accelerated program and beyond,” he said.
