Fishtek Marine, a pioneer in marine conservation technology, is seeking to raise £900,000 of equity through an investment crowdfunding campaign on the Triodos Crowdfunding platform.
Incorporated in 2016, the company has developed a range of products aimed at the global commercial fishing industry. The products are designed to reduce damage to fishing gear for fishing fleets, whilst at the same time deterring the unintentional death or capture of other marine species, known as bycatch.
Bycatch from fishing nets and lines is responsible for the deaths of over 300,000 dolphins, porpoises and whales, 300,000 seabirds and 250,000 turtles every year . Death in fishing gear due to entanglement is the leading threat to the 80 plus species of whales, dolphins and porpoises.
Set up by entrepreneurial brothers Pete and Ben Kibel, Totnes-based Fishtek Marine has a portfolio of products designed to be used alongside existing fishing gear.
The new capital raised through the share offer will be used to invest in the sales and marketing of these existing products, such as a 'pinger' which uses acoustics to alert dolphins, porpoise and whales to the presence of fishing gear. It will also be used for the development and testing of four new products which will be launched over the next three years.
The company sells its existing products to fishing companies and distributors in 35 countries and expects to generate sales of £370,000 in its second year of operations - a 290% increase from the previous year. Due to new fishing legislation and growing awareness of marine conservation, the directors are aiming to grow the business to £10 million turnover within five years. All products are designed and manufactured in Devon.
Rory Crawford, RSPB, said: "Fishtek have been great collaborators in the fight to eliminate bycatch in fisheries, one of the biggest threats facing seabirds. Their work has been innovative yet savvy to the everyday practicalities of fishing - so whether it's producing something that's well-established 'best practice' or genuine innovation, we've found them to be brilliant partners in saving threatened seabirds."
For more information and to register interest and receive alerts each time a new offer goes live, visit www.triodoscrowdfunding.co.uk.
This is a high-risk investment opportunity in the shares of an early stage company. The company has no plans to pay dividends (or returns) in the short term and although the directors aim to procure an exit for investors after the three-year SEIS/EIS qualifying period, there is no guarantee of this or of the future value of the shares. Investing in the shares of an unlisted company involves risks, including potential for loss of capital and future dilution, lack of dividends and lack of liquidity, and should only be considered as part of a diversified investment portfolio.
Notes to editors:
Fishtek Marine published an offer document dated July 2018. Applications can only be made on the basis of, and subject to, the terms and conditions of the information contained in the offer document which includes the terms and conditions of the Triodos Crowdfunding website. Fishtek Marine is a limited company registered in England with registered office at Unit 1a Webbers Way, Dartington, Totnes, Devon, TQ9 6JY (registered number 10448564).
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Investments offered on the crowdfunding platform are not readily realisable, which means that they may be difficult to sell and you may not get back the full amount invested. Investments are not covered by the Financial Services Compensation Scheme (FSCS) and your capital is at risk and returns are not guaranteed. Repayment of capital and interest or payment of dividends will be dependent on the success of the organisation's business model and past performance isn't a reliable indicator of future performance. You should always read the offer document in full before deciding whether or not to invest as it will cover risks specific to an individual investment. You can read more about the general risks associated with making these types of investments here. If you are unsure if any of these investments are right for you, you should contact an Independent Financial Adviser.