Bates Wells’ corporate team advised SafetyNet Technologies Limited (“SNT”) on its seed investment round securing its first debt and equity investment from sustainable impact investors Mirova (an affiliate of Natixis Investment Managers), Conservation International Ventures and Mustard Seed VC. The funding will enable SNT to take the next important steps in commercialising its pioneering light emitting bycatch-reduction technology, Pisces.
SNT hopes to reduce the average global wasted fishing catch from 20% to 2% in its efforts to increase the sustainability of commercial fishing practices. Pisces, is a light emitting device designed to improve the effectiveness and performance of fishing operations by increasing the proportion of target species harvested per vessel trip, reducing sorting time, and facilitating compliance with fishing regulations. These sophisticated LED light systems use artificial light technology to alter the behaviour of fish and other marine species, which has been demonstrated to reduce wasted bycatch by upwards of 60% while also increasing fishing revenues. Financing from this investment round will be used to scale SNT’s manufacturing capacity, grow its sales and marketing activities, and expand its customer service teams.
Nadia Laabs, Chief Operations Officer, SafetyNet Technologies, said:
“We
really appreciate the support Bates Wells have provided us the past few years!
They’ve been there from when we first announced our grand vision as a small
team of co-founders at the Stephen Lloyd‘s Awards in 2017 all the way to
seeing us close our investment to actually make it happen in 2020. We’ve highly
valued the advice and help they’ve provided us along the way”.
Mark Tasker, Partner and Head of Corporate & Commercial, Bates Wells said:
“It has been my pleasure to work with Dan, Nadia and the SNT team over the past few years and to assist in various ways with SNT’s growth and development. SNT will make a significant impact on the environment and, in particular, the sustainability of the fishing industry worldwide.
“The transaction demonstrates Bates Wells’ expertise in the technology sector and importantly within the impact economy, which continues to be a strong focus for the team and the firm as a whole”.
Principal Lawyers: Team led by Mark Tasker (Head of Corporate) and Matthew Gearing (Senior Associate) and supported by corporate trainee Roshni Pisavadia.