SAFETYNET TECHNOLOGIES SECURES £1.1M SEED FUNDING
SafetyNet Technologies secures £1.1m seed funding. from Mirova, Mustard Seed and Conservation International. SafetyNet Technologies Ltd. today announced a £1.1m ($1.5m) convertible note investment from Mirova, an affiliate of Natixis Investment Managers, Conservation International Ventures and Mustard Seed VC. The funding will enable SafetyNet Technologies to take the next important steps in commercialising its pioneering light emitting bycatch-reduction technology, Pisces.
Pisces uses artificial light technology to alter the behaviour of fish and other marine species, which has been demonstrated to reduce unwanted bycatch by upwards of 60% while increasing fishing revenues.
Pisces is designed to improve the effectiveness and performance of fishing operations by increasing the proportion of target species harvested per vessel trip, reducing sorting time, and facilitating compliance with fishing regulations.
Financing will be used to scale the company’s manufacturing capacity, grow its sales and marketing activities, and expand its customer service teams.
Nadia Laabs, Chief Operations Officer, SafetyNet Technologies, comments:
“We are delighted to receive the support of leading sustainability impact investors such as Conservation International Ventures, Mirova Natural Capital and Mustard Seed. This seed financing will allow us to significantly accelerate the commercial scale-up of our technologies and the positive impacts our award-winning Pisces technology is designed to deliver both for the global fishing industry and ocean health.”