Post on 28-Nov-2014
description
H U M M O C K I S L A N D S H E L L F I S H
Oyster Industry = $6B
Commercial oyster production is antiquated.
Big oyster companies have bad tech, which is inefficient & unsustainable.
Smart oyster startups have good tech but can’t get traction because there are no good places left to grow oysters.
We have both good tech and a good place.
Floating Upweller Nursery System
Axial Flow Intake Upwelling Design
Submerged Longline Seapa Cages
Pristine Waters
So Far: Lean Shellfish
• We harvest and sell our own oysters • Exclusive oyster supplier to Whole Foods since 2010
• $500K annual sales
Seed Round: $850K
• Right now we’re bringing oyster production in-house • This will drive down the cost of the oysters and allow
us to increase production at the same time • With this amount of capital we will reach breakeven
Team Jeffrey H. Northrop Founder & Chief Executive Officer
Former Hedge Fund Trader @ Exis Capital
Worked @ Bloomberg Tradebook, @ NasdaqOMX
BA Economics @ Columbia University
Captain Jeff Northrop Co-Founder & Chief Operating Officer
Shellfish Aquabiotechnologist & USCG Master Captain
Founder @ Hunter Group, @ Northrop Yacht Sales
Michael McGrath Chief Marketing Officer
Former CEO @ Wolfgang Puck Worldwide, @ Country Gourmet Foods, @ Weight Watchers
Board Member @ Newman’s Own
MBA @ Lehigh University
James Kilmer Director of Logistics
Founder @ The Opal Group
Former SVP @ Weight Watchers, @ H.J. Heinz
MBA @ University of Pittsburgh
Series A: Future Raise $2-3M
• Complete vertical integration • Scale up team to 15 people and 3 boats • Maximize production capacity • $8.1M EBIT • Continue as cash cow or exit to Taylor Shellfish for $30M
Series B: Shellfish As A Service
• Scale by partnering • Offer new tech to old shellfish farms • Revenue share model reduces scaling costs • IPO or Shellfish ETF à ex: Global X Funds Fishery ETF
Right Now
• Convertible Note • 25% Discount • $5M Cap