According to Three-Sixty Aquaculture, the UK imports 78,000 tonnes of shrimp annually, 99.9 of which are frozen – compromising taste, texture and nutritional value – and often mislabelled as ‘fresh’. The company says that its recirculating aquaculture system (RAS) provides a sustainable alternative with better quality, taste and reduced environmental impact, with fresh next day delivery available anywhere in the UK.
The Series A funding was led by PrimeStar Industries, with participation from notable investors including 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 and commercialise at scale to supply the UK’s restaurant and hospitality trade, as well as selling direct to consumers.
Shrimp sales are expected to commence in early 2025, with a view to the business expanding its farming operations to over 2,000 tonnes annually. 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 in a press release: “Demand for prawns [shrimp] 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.”
