BLUEFRONT INVESTS IN AQUACULTURE LOGISTICS THROUGH ANTEO

Bluefront invests in aquaculture logistics through Anteo. Seafood investor Bluefront Equity (“Bluefront”) invests to become the largest shareholder of Anteo AS – a provider of software solutions for planning and optimisation of logistics for the aquaculture industry and other sectors.

“Anteo has developed a logistics optimisation software that feed suppliers, operators of service vessels and feed barges, as well as fish farmers, derive significant value from. We strongly believe in solutions that make the aquaculture industry more cost-efficient while reducing its environmental footprint. That is why we are investing in the company,” says Johan Kostveit, Investment Manager at Bluefront.

Digital collaboration platform

Anteo develops decision-support systems for stakeholders across the aquaculture value chain. This includes real-time systems for planning, monitoring and notifications related to activities such as feeding operations in traditional fish farming.

The company’s core product is a digital collaboration platform for planning and coordinating logistics in fish farming operations. The platform provides a real-time overview of vessels, operations, fish farming sites and resources, and aggregates data from sensors, vessels and production systems into a single operational overview. This enables improved decision-making, more efficient use of resources and simplified documentation of logistics related to feed, fish silage, fuel, wellboats and service vessels. In addition, Anteo has developed fish health tools enabling rapid and accurate recording of fish welfare indicators, authority-mandated sea lice counting, and simple, precise and secure record-keeping of fish health data.

Anteo has ten employees, primarily based in Bergen, with additional local presence in Trondheim, Florø and Rørvik.

Today, the company serves customers across the entire Norwegian coastline. These include fish farmers, feed producers, service companies and shipowners. With Bluefront as a new shareholder, the ambition is to strengthen the company’s position in its home market and accelerate its international expansion.

“We are more than ten years old and have reached a size where it feels right to bring in a professional investor to support the next development phase. The main objective of bringing in Bluefront is to strengthen our organisation so that we can deliver even better services and support our customers even more closely. We also see synergies with other software companies in the Bluefront portfolio,” says Sverre Marvik, managing director and one of the largest shareholders of Anteo.

Growing demand

Demand for Anteo’s software has increased significantly in recent years. The main driver is the substantial cost savings that can be achieved through efficient logistics planning of feed supply, sludge collection, oil, waste and other materials.

In 2025, Anteo delivered revenues of approximately NOK 27 million, equivalent to a growth of close to 20 percent compared to 2024 and more than a doubling from 2023. The company has consistently delivered positive financial results over time.

As part of the transaction, Bluefront acquires shares from several early-phase investors. Key employees in Anteo are reinvesting alongside Bluefront and increasing their ownership in the company. Following completion of the transaction, Bluefront will own 54 percent of the shares.

“Our strategy is to own and develop the companies we invest in together with founders and key personnel. Together, we will further strengthen Anteo and enhance its service offering to customers,” says Simen Landmark, Partner and Chief Investment Officer at Bluefront.

The investment is made through Bluefront’s second fund, Bluefront Capital II. The parties have agreed to not disclose the financial details of the transaction, which has been completed at EBITDA multiples typical for software companies that serve the aquaculture industry.

Røsstad new chairman

Former BioMar EVP Jan Sverre Røsstad becomes the new chairman of Anteo’s board of directors. Bluefront’s Simen Landmark and Johan Kostveit also join the board.

Bluefront invests in companies that develop innovative products, services, software, and technology that promote sustainability throughout the seafood value chain, with a particular focus on improving ocean health, promoting fish welfare, and enhancing resource utilisation.

Image: Simen Landmark and Johan Kostveit, Bluefront Equity