November 22, 2024 - Three-Sixty Aquaculture, the UK's only sushi-grade prawn farm, has raised £3.5 million in a Series A funding round led by PrimeStar Industries.
The UK relies entirely on prawn imports, with 78,000 tonnes brought in annually from overseas. 99.9% of these imports are frozen - compromising taste, texture and nutritional value - and often mislabelled as 'fresh'. Three-Sixty Aquaculture has pioneered the UK's only indoor fish farm producing fresh prawns - using the Recirculating Aquaculture System (RAS) farming method - providing an alternative to the imports, which contribute to environmental damage due to unsustainable farming practices and long-distance frozen shipping. The business provides sustainable, locally-sourced prawns that offer better quality, taste and reduced environmental impact and fresh next day delivery anywhere in the UK.
The Series A funding was led by PrimeStar Industries, with participation from notable investors including well known UK chef Marcus Wareing and Matthew Freud.
Having developed its proprietary, patent-pending technology in its existing R&D facility in Swansea, the funding will allow Three-Sixty Aquaculture to increase capacity via a new facility in Neath, Wales, and commercialise its prawn farming at scale to supply the UK's restaurant and hospitality trade as well as selling direct to consumers. Sales are expected to commence in early 2025, with a view to the business expanding its UK prawn farming operations to over 2000 tonnes annually and internationally. The investment will also add to the rejuvenation of the Metal Box building, a former canning factory in Neath, and provide local employment opportunities.
James Fox-Davies, CEO of Three-Sixty Aquaculture, commented: "Demand for prawns is growing globally but the expansion of traditional prawn farming puts increasing pressure on the natural environment. Completing this round of funding puts us well on the way to expanding our sustainable British sushi-grade prawn farm which will not only help address these environmental issues but will bring locally grown, fresh and delicious-tasting prawns to UK diners. We're starting in the UK but in reality, any country could benefit from our technology so we're excited to explore international opportunities to build further prawn farms as we scale up."
The Aquaculturists
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