Seafood industry impact fund makes first acquisition

Editorial Staff

Norway-based impact investor Bluefront Equity has announced the first investment from its second impact fund, Bluefront Capital II, with the acquisition of FiiZK Digital AS.

The company specializes in digital solutions that optimize production for fish farmers, enhancing sustainability in the seafood industry.

Launched in April, Bluefront Capital II focuses on investments in companies that contribute to a more sustainable seafood value chain. This includes products, services, and technologies aimed at improving ocean health, biodiversity, and animal welfare. The fund has received endorsements from renowned global impact investment firm Cambridge Associates and counts investors such as Havfonn, the Steensland group, 3S Invest, Klaveness Marine, TD Veen, and Cubera.

Bluefront has acquired 100 percent of the shares in FiiZK Digital, which supports more than 40 percent of Norway’s salmon production with its digital solutions.

“We will streamline the business and contribute with new equity to develop even better and more holistic solutions, making fish farmers’ operations more efficient, sustainable, and profitable,” said Kjetil Haga, partner at Bluefront.

FiiZK Digital, headquartered in Trondheim with an additional office in Ålesund, has over 20 years of experience in developing digital solutions for the seafood industry. Its main product, “Horizon,” includes applications for biological and financial planning, optimization, historical data presentation, and budgeting. Another key product, “CTRL,” is used for production monitoring and integrates operational data with the planning tool Horizon. Both products serve traditional ocean-based and land-based fish farmers.

“Optimizing production through data-driven decision-making enables fish farmers to enhance sustainable food systems by improving efficiency, reducing mortality, and promoting better fish welfare,” said Bluefront partner Simen Landmark.

Bluefront Capital II acquired FiiZK Digital for an undisclosed amount from FiiZK Topco, whose largest owners are Bewi Invest and Oslo-listed Nekkar. The transaction involves a significant equity injection from Bluefront, FiiZK Digital’s original founders Torbjørn Skjetne and Magne Johnsen, and newly elected chairman Olav Jamtøy.

This capital will strengthen FiiZK Digital’s balance sheet and support further expansion in Norway and internationally. Post-transaction, Bluefront will hold approximately 90 percent of the shares, with the remaining shares held by Skjetne, Johnsen, and Jamtøy.

“As the FiiZK Group shifts its focus to closed and semi-closed fish cages, this transaction aligns well with all parties. The employees at FiiZK Digital are positive about our new ownership and look forward to developing a streamlined digital solution provider for the seafood industry with Bluefront,” said Torbjørn Skjetne, co-founder and managing director of FiiZK Digital.

Olav Jamtøy, who is also chairman of Bluefront-owned Spillfree Analytics, will become the new chairman of FiiZK Digital. He will be joined on the board by Kjetil Haga and Johan Kostveit from Bluefront. Following the transaction, FiiZK Digital will initiate a process to rename the company.


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