£3.5m backing for Welsh king prawn startup

Three-Sixty Aquaculture, a Swansea-based company looking to grow sushi-grade king prawns, has raised £3.5m to fund a land-based farm.

Having developed its proprietary, patent-pending technology in its existing R&D facility in Swansea, the funding will allow Three-Sixty Aquaculture to increase capacity via a new facility in Neath, Wales, using the former Metal Box canning factory there.

The latest round of Series A funding was led by PrimeStar Industries, along with other investors including UK chef Marcus Wareing and Matthew Freud.

Three-Sixty Aquaculture intends to develop the UK’s first indoor fish farm producing fresh Pacific whiteleg prawns (L.vannamei) at commercial scale, using recirculating aquaculture system (RAS) technology.

Its aim is to supply the UK’s restaurant and hospitality trade as well as selling direct to consumers. Sales are expected to commence in early 2025, with a view to the business expanding its UK prawn farming operations to over 2,000 tonnes annually and internationally.

The company says it will be providing an alternative to frozen prawn imports, which contribute to environmental damage due to unsustainable farming practices and long-distance frozen shipping. The business provides sustainable, locally-sourced prawns that offer better quality, taste and reduced environmental impact and fresh next day delivery anywhere in the UK.

James Fox-Davies, CEO of Three-Sixty Aquaculture, commented: “Demand for prawns is growing globally but the expansion of traditional prawn farming puts increasing pressure on the natural environment. Completing this round of funding puts us well on the way to expanding our sustainable British sushi-grade prawn farm which will not only help address these environmental issues but will bring locally grown, fresh and delicious-tasting prawns to UK diners. We’re starting in the UK but in reality, any country could benefit from our technology so we’re excited to explore international opportunities to build further prawn farms as we scale up.”

Prawns at the Three-Sixty research facility, Swansea