By DIVE Staff
Marine conservation engineering company, Fishtek Marine, has launched its second crowdfunding campaign as it seeks to continue its development of new technology to reduce the impact of fishing on the marine environment.
Based in Totnes, Devon, UK, 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 death or capture of non-target species – 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 the latest crowdfunding campaign, Fishtek Marine is seeking to raise a further £1m through the issue of new shares in the company to support further growth and product development.
Fishtek says its ultimate aim is to ‘[reduce] the number of unintended deaths and injuries to marine species, in particular cetaceans, sharks, turtles and seabirds, caused by commercial fishing methods’, according to the crowdfunding website.
Recent innovations from the company 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, which works as an alternative to dredging techniques that can cause damage to the seabed.
Sea trials of Fishtek’s ‘Banana Pinger‘, which is affixed to nets to deter cetaceans from approaching, found that the detection rate of porpoises around nets with Banana Pingers attached was reduced by 82-100 per cent. A similar ‘Anti-depredation Pinger’ is designed to scare cetaceans away from nets containing fish, preventing them from stealing the fish or becoming entangled.
‘Fishing when undertaken unsustainably is responsible for many environmental harms including habitat destruction, greenhouse gas emissions, plastic pollution and bycatch, said Fishtek co-founder, Pete Kibel. ‘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 per cent. 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 currently sold to fishing companies and distributors in more than 40 countries around the world. The company reported to potential investors that it generated income of around £1.1m in the year to 31 October 2022, and has been a profit-generating business since 2021.
The minimum investment in the crowdfunding offer is £100, and Fishtek has advised investors that they may be able to take advantage of Enterprise Investment Scheme (EIS) tax relief, although this depends on individual circumstances and is subject to change.
‘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, said Whitni Thomas, Head of Corporate Finance at Triodos Bank UK. ‘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.’
The crowdfunding share offer will run until 29 September 2023, and has currently raised just over £140,000 of its intended £1,000,000 target.
For more information, visit the Fishtek Marine website at www.fishtekmarine.com
The company warns in its press release that ‘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 within three to five years there is no guarantee of this or of the future value of the shares.’ The bank encourages people to seek more information before investing.
