Icelandic land-based aquaculture company Matorka has completed a €2.7 million capital raise to support infrastructure upgrades and increased production capacity, as it targets further growth in the country’s recirculating aquaculture system (RAS) sector.
The private placement was fully subscribed by existing shareholders, according to MAR Advisors, which acted as financial advisor on the transaction.
Proceeds will be used to advance Matorka’s expansion toward an annual production capacity of 3,000 tonnes of Arctic char, positioning the company among the larger producers of the species globally. Iceland has emerged as a hub for land-based aquaculture, benefiting from access to renewable energy and cold, stable water conditions suited to RAS production.
Chief executive Christo du Plessis said the funding would support the next phase of development.
“I am eternally grateful for our shareholders for their ongoing support. This raise enables us to continue on our path of improving infrastructure and increasing production,” he said.
The raise comes as land-based producers across the Nordics seek to scale output while managing capital intensity and operational risk, with investors increasingly focused on projects that can demonstrate incremental growth and stable performance.