Batemans Bay's Oceanfarmr secures $1.45 million USD investment from Katapult VC

Oceanfarmr, formerly known as SmartOysters, was selected as one of 23 successful applicants from more than 1900 candidates from 62 countries to receive the funding from global investment company Katapult VC.

Oceanfarmr founder and CEO Ewan McAsh said the investment was massive for the company.

"Beginning a start up in Batemans Bay has been a long journey," he said.

"To be recognised on the world stage as one of the big up-and-coming tech start-ups is a big deal. It gives us momentum."

The Broulee local first founded SmartOysters in 2017 to overcome his own problems as an oyster farmer on the Clyde River. All the knowledge required for his farm to flourish was in his own head or scribbled on the office whiteboard. There was no opportunity for Mr McAsh to holiday, or take days off. It had mental and physical affects on his health.

The first iteration of the app simply recorded the status and location of oyster bags along the farm.

By storing all that information in an app, Mr McAsh was able to step away from running the farm every day, and finally rest.

"I realised farmers all over the world had the same problem," he said.

More than 60 farms around the globe now use the app, with some increasing in productivity by more than 20 per cent.

However, the app has evolved, and in September, Oceanfarmr launched the 'Farm to Buy' scheme, trying to solve problems with farm finance for marine farmers. Aquatic farms do not own the water they farm in and therefore do not have traditional assets as recognised by banks and lenders.

"Farm finance is a huge point for anyone farming in the ocean," Mr McAsh said. "You cannot just go to the bank to get money."

Oceanfarmr changed this by using data to record a farmer's assets, giving "unprecedented visibility to how the farm is operating," Mr McAsh said.

Oceanfarmr can take that data to investors and recommend aqua-farmers as candidates for funding.

"This is not a traditional loan, it's a tech-enabled oyster farming investment," Mr McAsh said.

"The trust comes through the data.

"It's game changing for the industry."

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Oceanfarmr facilitates investors to fund new equipment to proficient ocean farmers so they can become more efficient and productive with their own farm.

"All they contribute is their farming," Mr McAsh said.

"You can't just throw money in the water and get a return. All that expertise farmers have built up over many years is valuable."

Mr McAsh dreams Oceanfarmr will facilitate the investment of $100 million across aqua farms around the world in the next two years.

He's already on track. Since the September launch, Oceanfarmr has received more than $65 million in farm funding applications. Oceanfarmr revenue has increased almost 800 per cent in that time.

In February, Mr McAsh and his family will move to America to further unlock the potential of the American aquatic-farming industry. Globally, the aquaculture industry is estimated to be worth $19 billion dollars.

Mr McAsh said oysters were great for his hometown community on the NSW south coast, because of their impact on the environment, industry, food security and local community.

Already Oceanfarmr has deployed $200,000 worth of farming equipment to oyster farmers in the Eurobodalla.

Mr McAsh expects that to grow to $2-3 million in the next few years.

"I am really excited about the growth of the industry here on the coast, especially after the fires, COVID and the floods," he said.

"It is an amazingly sustainable and - even more than that - regenerative industry.

"I'm excited about grow helping farmers all over the world grow more sustainable seafood."