Salmon from Fort Worth?
Not quite, but Auburn, New York-based LocalCoho has launched a Regulation D offering on the Harvest Returns platform to expand their recirculating aquaculture system (RAS) operation which is already growing and selling Coho salmon. Harvest Returns is based in Fort Worth.
This move builds on more than $6.2 million in financing the company has already raised from its board of directors and outside investors.
“By coming into the company now, Harvest Returns investors are aligning their terms with our committed and experienced group of investors at an early enough stage to experience the significant growth the company expects,” said Phil Gibson, a 30+ year seafood veteran and the LocalCoho CEO. “Ultimately, we will operate a number of facilities near major U.S. markets to bring local consumers fresh, never frozen, sustainable fish raised in the U.S.”
LocalCoho has already attracted significant investor interest.
“We were thrilled to be one of the first investors in LocalCoho, especially as we see the growing market interest for RAS,” said Jamie Stein of Devonian Capital, a firm specializing in investing in land-based aquaculture businesses. “In this year alone, RAS valuations multiplied, signaling the market’s appreciation for this environmentally friendly way to grow fish.”
Harvest Returns has raised over $11 million for farms and agribusinesses across the world.
“We are pleased to offer this opportunity to invest in the rapidly growing indoor aquaculture space,” said Chris Rawley, CEO of Harvest Returns. “Institutional investors have poured hundreds of millions of dollars into RAS operations in the past year, and now individual investors have a chance to participate in an early-stage indoor aquaculture company with a highly experienced team.”
Headquartered in Fort Worth, Harvest Returns Inc. is a financial technology marketplace created in 2016 by two military veterans to bring agricultural producers together with investors.