Indico Capital Partners just announced its investment in Bitcliq, a blockchain platform that connects fishing fleets and retail buyers, enabling just in time purchase of fish the moment it is caught at sea by professional buyers such as retailers and restaurant owners. Additionally, the platform promotes sustainability since it allows for complete traceability from catch location to table which is becoming essential for an ecosystem with dwindling prospects because of illegal fishing practices and ocean pollution such as that caused by plastics.
Over the last 3 years, the Portuguese bluetech company based in Caldas da Rainha, has developed numerous cloud and operational efficiency projects with fishing fleets in Africa, Asia and Europe, perfecting its offering and collecting numerous international awards such as the Green Project Awards by FLAD EY (Portuguese American Foundation, Ernst & Young). The company was also invited to be part of the annual FISH2.0 Innovation Forum at Stanford University.
The 600 thousand euros investment led by Indico with the participation of LC Ventures will allow Bitcliq to complete the deployment of the first global blockchain based digital fish marketplace. The platform, already operational in the key Portuguese fishing port of Peniche, will allow all fishing fleets to connect to logistics partners and buyers and execute buy and sell orders as soon as the catch is registered on board using simple smartphones. The current pilot marketplace is underway in straight cooperation with Docapesca, the state-owned primary wholesaler and quality assurance entity for all fish sold in Portugal, and other official entities and partners.
Pedro Manuel, founder and CEO of Bitcliq stated that “We expect this pilot to be quickly expanded to the whole country and subsequently to other major fishing ports in Europe. The way fish has been bought has not changed significantly over the past 30 years in Europe. This will surely change and we expect more efficiency and transparency by connecting market participants. Indico brings a wealth of experience in taking marketplaces globally, so we are delighted to finally bring them on board - literally.”
Ricardo Torgal, General Partner at Indico highlighted that “Bitcliq is an example of perseverance and global vision. They are tackling not only a huge market inefficiency but the global sustainability of the key ocean and food economies. We are thrilled to back them”.
Teresa Coelho, CEO of Docapesca, added that “Bitcliq enables a diferent relation between buyers and sellers, while guaranteeing the highest quality of product and the compliance with the Common Fisheries Policy. We are delighted to partner with the Bitcliq team for the full implementation of the digital marketplace for first sales (primary market)”.
About Indico Capital Partners
Indico Capital Partners is a leading institutional independent early stage VC fund in Portugal with 46 million Euros of committed capital from over 30 institutional and private, local and international investors. The experienced Partner team works to identify, invest and nurture the most promising Portuguese and Spanish early stage startups in the areas of B2B SaaS, Artificial Intelligence, Marketplaces, Fintech and Cybersecurity and B2C Platforms. Indico can invest between 150 thousand and 5 million Euros per company.