Bluegrove CEO resigns after 8 years at the company

editorial staff

Chief Executive Officer of aquatech company Bluegrove, Bendik S. Søvegjarto, has decided to step down and pursue opportunities outside of the organization.

Søvegjarto co-founded Bluegrove in 2014 and became CEO in 2017. During his tenure as CEO he developed a commercial business that centered on feeding solutions to improve efficiency and sustainability in salmon farming. He grew the company from 3 to more than 50 team members, and has established close relationships with several F500 strategics on aquaculture technology.

“I am very proud of the success of Bluegrove thus far. When we started, we didn’t know how things would pan out. Today, some of the largest farmers in the world are using our feeding solutions on a daily basis to optimize their production. It’s been a privilege to have served as CEO and an honor to have worked with an impressively talented and diverse group of people across 14 different countries. It was a tough decision to leave, but I feel it is the right one. For me and for Bluegrove” said Søvegjarto.

In December 2021, Bluegrove completed a capital raise of €12 million as a first close of a Series B funding to accelerate growth. This round was led by Dutch aquaculture investment fund Aqua-Spark and Internet of Things technologies investor Breed Reply, with Søvegjarto personally joining the round. With this latest round, Bluegrove is getting into a next phase, growing in a focused manner, specializing on solutions for salmon farmers as a means to further boost the business, with a broader management team.

“I have always been grateful to have investors who believe in our business and in what we can achieve,” said Søvegjarto. “I am very pleased we selected Aqua-Spark and Breed Reply as funding partners four years ago. They have proven to be long-term and active owners who supported us in every step, developing technology that contributes toward a healthier and more sustainable commercial aquaculture industry.”

Bluegrove’s board views Bendik as an energetic, truthful and inspiring leader, driven to make a lasting impact on the sustainability of fish farming, and would have preferred for him to stay on, but appreciates Bendik’s preference to work in a different organizational set-up. The Board is thankful for all his work and wishes him all the best on his new ventures.

The board has appointed Martin Munkeby as interim CEO. An executive search process to find the next CEO is underway.