NSW tech startup Oceanfarmr, previously known as SmartOysters, has raised$1.45 million in a bridging round.
Oceanfarmr is one of 23 impact tech startups to receive investment from Katapult VC and its accelerator program, selected from 1,900 candidates in 62 countries.
The fresh capital will allow the aqua farming tech and finance startup to ramp up international growth.
Oceanfarmr allows farmers to accurately record the activity of their farm using GPS-enabled technology in what’s been described as the Google maps of the ocean.
The business also launched an alternative financing option called Farm to Buy in September, attracting more than $60 million in funding applications.
Founder and CEO Ewan McAsh said they were pleased to be selected for the Katapult Accelerator 2022 program and will look for fresh capital in 2023 .
“Oceanfarmr was built to revolutionise the aquaculture industry, and with this funding we will be able to accelerate our mission. We are already looking forward, and will be focusing on building traction as we bridge to a series A raise in the new year,” he said.
“Before developing the app, I was using my memory, whiteboards and spreadsheets – which weren’t fast, were prone to sometimes costly mistakes and could be an arduous task at the end of the working day and week.
“Over the last few weeks I’ve had the opportunity to meet with our farmers across Australia, the US and Europe and hear first hand the economic and environmental challenges they’ve faced over the last three years and how Oceanfarmr has allowed them to do what they do best and remove those typical pain points that have been the standard practice for years and years.”
The Katapult accelerator program is designed for high impact ocean- and climate-tech companies and over the next three months, McAsh will focus on strengthen the company’s skills in impact, strategy, management and investor readiness.
Katapult Ocean CEO Jonas Skattum Svegaarde said their mission is to build a world where thriving ocean and economic development can exist in harmony.
“We are delighted to have Oceanfarmr on board and we look forward to the journey ahead through the accelerator program and beyond,” he said.