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Three-Sixty Aquaculture closes £3.5m funding round
The funding will allow the business 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 2,000 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.
Commenting on the investment, chief executive James Fox-Davies said: “Demand for prawns is growing globally but the expansion of traditional prawn farming puts increasing pressure on the natural environment.
Sustainability journey
“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.”
About 78,000 tonnes of prawns are imported into the UK each year, 99.9% of which are frozen – often mislabelled as fresh, Three-Sixty claimed.
As the UK’s ‘only’ indoor fish farm producing fresh prawns, Three-Sixty provides an alternative to imports, cutting down on environmental damage due to unsustainable farming practices and long-distance frozen shipping.
Locally-sourced prawns
Produced using the recirculating aquaculture system (RAS) farming method offers sustainable, locally-sourced prawns with fresh next day delivery anywhere in the UK.
“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,” Fox-Davies added.
The Series A funding was led by PrimeStar Industries, with participation from notable investors including UK chef Marcus Wareing and Matthew Freud.
Meanwhile, independent coffee producer Lincoln & York has marked its 30th birthday with a major investment into its Brigg roastery.
