Pine Island Redfish closes $6 million Series A, breaks ground on new land-based RAS red drum facility in Florida

Florida aquaculture company Pine Island Redfish has broken ground on a new land-based red drum (redfish) production facility in southwest Florida after closing a $6 million Series A funding round. Located on Pine Island in Lee County, the facility uses recirculating aquaculture system (RAS) technology and is intended to expand the company's commercial red drum output.

The company said it has obtained all required permits, and the site where construction has begun has more than 80 acres of developable land, leaving room for phased expansion.

Megan Sorby, co-founder and CEO of Pine Island Redfish, said breaking ground on Pine Island is an important milestone for the company and will meet considerable demand for locally produced seafood. She said the company has validated its production model, built solid relationships with customers and demonstrated real market demand for its red drum, and is now ready, with investor support, to take the next step and expand production on its namesake Pine Island.

The company's commercial production model was developed and tested at Mote Aquaculture Research Park in Sarasota. While construction of the new site moves forward, the company will continue to farm red drum at that park.

Demand from retailers, restaurants and chefs underpins its expansion plans, the company said, naming Publix as one of its retail partners. Sorby said feedback from the market has been very positive, from Publix, a retail partner that has long supported Florida aquaculture, to chefs and restaurant groups that keep asking for more supply.

The new facility will also incorporate the company's regenerative aquaculture practices, in which nutrients generated during fish production are recovered and used to grow plants. A core element is mangrove cultivation for coastal restoration. The company said it has worked with community partners to cultivate and replant nearly 75,000 mangroves across southwest Florida from Lee County to Sarasota County. Mangrove cultivation has already begun at the Pine Island site, and the nursery will expand alongside the company's farming operations.

Sorby said that for the company, sustainability goes beyond how fish are raised to finding value in and reusing the resources produced by the system.

The company said it will continue to improve production efficiency and develop the new facility in phases, but did not provide a construction completion date or production capacity targets.