Sarasota aquaculture company raises $6M, expands into Lee County

After a Sarasota-based aquaculture company raised $6 million in Series A financing, it has broken ground on a commercial aquaculture facility in Lee County.

Pine Island Redfish produces American redfish, also known as red drum, through advanced land-based technology. It developed and validated its commercial production model at Mote Aquaculture Research Park on Fruitville Road, where it will continue producing redfish as construction progresses on the new facility, which is about 3 miles south of the bridge to Pine Island. The property contains more than 80 acres of development space and significant potential for phased expansion. Construction is expected to last about 12 months.

"Breaking ground on Pine Island is an exciting milestone for our company and will fulfill a substantial demand for locally produced seafood," Megan Sorby, co-founder and CEO of Pine Island Redfish, says in a statement.

Commercial fishing for redfish is prohibited, so the only way to bring the product to market is through fish farms, also known as aquaculture.

The Series A funding will finance construction of Pine Island Redfish’s new facility and enable it to scale operations, according to Sorby, who says the round was led by Ohio-based family office Fosven Capital. Bridge Angel Investors, a Sarasota angel investor network, was also among the backers.

“Pine Island Redfish has demonstrated that its technology works, its product is in demand, and its leadership team has a clear vision for growth," Bridge Angel Investors Executive Director Kim Miele says in the statement. "We're proud to support Pine Island Redfish as it takes this important step toward scaling its operations.”

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Previous pre-seed and seed funding rounds enabled Pine Island Redfish to operate its demonstration production in Sarasota, where it put product into the market, validated all metrics in its pro forma and created the first generations of its proprietary breeding stock, Sorby says.

"The response from the market has been incredibly encouraging," Sorby says in a statement.

"From retail partners like Publix, which has been a strong supporter of Florida aquaculture, to chefs and restaurant groups asking for more product, we're seeing real enthusiasm for what we're producing," Sorby says. "Redfish has a loyal following in the South and along the East Coast, and we're excited to bring this exceptional American species to more consumers."

In addition to enabling the company to increase production of red drum, the Pine Island facility will support the company's approach to regenerative aquaculture, which involves repurposing nutrients generated through redfish production to cultivate mangroves in a nursery. Already through its work with community partners, Pine Island Redfish reports it has cultivated nearly 75,000 mangroves from Sarasota to Lee counties.