Based in Totnes, Devon, Fishtek Marine was set up by brothers Pete and Ben Kibel in 2016 to create products that offer viable alternatives to destructive fishing practices, with the ultimate aim of reducing bycatch. The unintentional death or capture of non-target species, bycatch is widely considered to be the single greatest threat posed to marine mammals.
Fishtek Marine launched its first investment crowdfunding campaign with Triodos Bank in 2018, when it raised £900,000 to develop new products and expand its production facilities.
With this latest crowdfunding campaign, Fishtek Marine is seeking to raise £1m through the issue of new shares in the company to support further growth and product development. Recent innovations include SharkGuard, a device attached to fishing hooks that uses an electric field to deter sharks, and ScallopLight, an underwater LED light to attract scallops into fishing pots. This works as an alternative to dredging techniques that can cause damage to the seabed.
The funds raised through the crowdfunding campaign will help Fishtek Marine to bring products like these to market in 2024.
Co-Founder Pete Kibel said: “Fishing when undertaken unsustainably is responsible for many environmental harms including habitat destruction, greenhouse gas emissions, plastic pollution and bycatch. The funds raised through this offer will help us grow Fishtek and achieve our ambition to reduce global bycatch of cetaceans, sharks and sea turtles by at least 30%. To do this we need to grow the sales of our existing products, reach new markets and bring our products currently in development to market.”
Fishtek Marine’s products are sold to fishing companies and distributors in more than 40 countries around the world. It generated income of around £1.1m in the year to 31 October 2022 and has been profit generating since 2021.
Minimum investment in the crowdfunding offer is £100 and investors may be able to take advantage of Enterprise Investment Scheme (EIS) tax relief. Tax relief depends on individual circumstances and may change.
Whitni Thomas, Head of Corporate Finance at Triodos Bank UK, added: “Marine conservation is key to fostering and protecting our planet’s biodiversity and the ground-breaking work Fishtek Marine is doing to reduce bycatch has the potential to make a significant difference to the habitats of our oceans. We know people are passionate about protecting the natural environment and, as a bank that prioritises positive environmental impact, we’re very supportive of Fishtek Marine’s ambitions.”
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 mins to learn more.
This is a high-risk equity 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 EIS qualifying period, there is no guarantee of this or of the future value of the shares.
Investments are not covered by the Financial Services Compensation Scheme (FSCS) and your capital is at risk and returns are not guaranteed. You should always read the offer document in full before deciding whether 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.
For further information please contact:
Ellie James, PR & Communications Manager at Triodos Bank UK
Notes to editors
Fishtek Marine published an offer document dated July 2023. 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.
About Fishtek Marine
Fishtek Marine is a unique conservation engineering company that draws together award-winning engineers and fisheries scientists, focused on distributing a range of innovative technical devices which are proven to minimise bycatch in commercial fisheries.
The Kibel brothers, Pete (a fisheries biologist) and Ben (an engineer), initially wanted to use their understanding of behavioural ecology and engineering to develop technological solutions to tackle the significant issue of marine bycatch. Trials using Fishtek Marine devices contribute to the emerging independent evidence base, which is showing that smart fishing, using dedicated technology, is effective at minimising marine bycatch, supporting more sustainable fishing, and helping safeguard some of the world’s critically endangered species.
Fishtek Marine has established a reputation globally as a team of reliable and effective problem solvers. Putting fishermen at the centre of all product development means that its products are finely tuned to work for both fisherman and the environment, ensuring high adoption rates and a strong reputation within fishing industries around the globe.
Alongside a number of established product lines, the team is also working to develop further bespoke bycatch solutions for specific fisheries.
Fishtek Marine works both nationally and internationally and enjoys partnering with a wide range of research partners from the fishing industry, academia, NGOs, and fisheries managers to maximise the potential impact of advances in this sector.
About Triodos Bank
Founded in 1980, Triodos Bank has become a frontrunner in sustainable bankingglobally. As an independent bank that promotes responsible and transparent banking, it does not see any conflict between a focus on people and the planet and a good financial return. Instead it believes that they reinforce each other in the long-term.
Triodos Bank has banking activities in the Netherlands, Belgium, the UK, Spain and Germany, as well as Investment Management activities based in the Netherlands but active globally. Triodos Bank co-founded the Global Alliance for Banking on Values (GABV), a network of 63 sustainable banks. Together these banks want to grow sustainable banking and its impact on the real economy substantially.
Triodos Bank UK Ltd is a wholly owned subsidiary of Triodos Bank NV
This financial promotion has been issued by Triodos Bank UK Limited. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales with registered number 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008.