- Companies
- LAXEY
LAXEY Funding, Investors & Competitors
LAXEY has raised $222M across 6 funding rounds, most recently a $55M undisclosed-stage round in June 2026.
Last LAXEY funding round
$55M
Undisclosed stage · Jun 2026
Cumulative funding LAXEY raised
$222M
across 6 funding rounds
Key investors in LAXEY
Farvatn Venture
Nutreco
Gildi Iceland
Kjartan Olafsson
Kontrari
LSR
Tradesmen's Pension Fund
Westman Islands pension fund
About LAXEY
Laxey is an Icelandic company specializing in land-based salmon farming facilities using Recirculating Aquaculture Systems. Based in Reykjavik, it develops turnkey farms with 95 percent water recycling, delivering 5,000-tonne annual production capacities to operators in Europe and North America since 2018.
Founded
2021
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
LAXEY Funding History
LAXEY has raised a total of $222M across 6 funding rounds.
LAXEY's first fundraising round was a $46M undisclosed-stage round in September 2023. The most recent completed round was a $55M undisclosed-stage round in June 2026.
LAXEY funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jun 2026 | Undisclosed stage | - | $55M | Icelandic land-based salmon producer LAXEY has completed a substantially oversubscribed EUR 47 million equity raise, exceeding its initial EUR 40 million target, driven primarily by existing shareholders increasing their positions. This latest transaction brings the company's total equity secured since inception to approximately EUR 200 million. Alongside the equity close, LAXEY signed a committed term sheet for an international syndicated loan coordinated by DNB Carnegie, with DNB, Rabobank, Arion Bank, and Eksfin as mandated lead arrangers and lenders. The equity proceeds will be used to complete Phase 3 (Grow-Out Section 3) and construct the first phase of 'Smolt Station II', a new smolt facility designed for an initial annual capacity of 5 million smolts and expandable to 15 million. The company's post-smolt facility was commissioned in May 2026, just ten months after construction began. The overall development in the Vestmannaeyjar archipelago aims to produce up to 36,000 tonnes of Atlantic salmon annually. The syndicated loan financing is expected to close in September 2026 and will be used to refinance existing debt facilities and fund the next phase of expansion. |
| Jul 2025 | Undisclosed stage | LSR; Tradesmen's Pension Fund; Gildi Iceland | $32M | Laxey, a Vestmannaeyjar, Iceland-headquartered land-based salmon-farming firm, completed a funding round raising USD 33 million (EUR 28.2 million) from Iceland's three largest pension funds: LSR – The Pension Fund for State Employees in Iceland, LIVE – the Pension Fund of Commerce, and Gildi Pension Fund, along with other private investors. This was the company's second share offering in 2025, bringing total equity raised that year to USD 74 million (EUR 63.2 million) or €63 million, representing about half from new investors. After the equity increase, the family of Sigurjón Óskarsson holds a 38 percent stake, strategic international investors about 21 percent, and Icelandic pension funds approximately 20 percent. The funds will finance construction of a large smolt facility in Viðlagafjara next to the grow-out tanks, equipped with eight 1,100 cubic metre tanks in a covered building to enhance production capacity, biosecurity, and operational reliability. Construction of Section 2 of the Laxey grow-out station is underway on schedule, with exterior walls of the first tank already erected, supporting increased production. This round was part of a larger €130 million capital package combining debt and equity earlier in the year. Laxey Board Chairman Lárus Ásgeirsson described the oversubscribed financing as confirmation of investor confidence in the company's vision. |
| May 2025 | Undisclosed stage | - | $40M | LAXEY is an Icelandic land-based salmon farming company based in Vestmannaeyjar, developing a facility targeting 36,000 tonnes (HOG) annual production of Atlantic salmon using flow-through technology. The company completed multiple equity raises in 2025, including an additional €28 million in a significantly oversubscribed share offering around May 2025, bringing the year's total equity to €63 million, with about half from new investors such as Iceland's three largest pension funds (LSR, LIVE, Gildi) holding 20% ownership. The founder family retains 38% stake, and foreign investors hold 21%. In a broader €130 million financing package announced May 5, 2025, LAXEY secured €35 million in equity via private placement from existing and new institutional investors, plus long-term debt from Arion Bank for expansion, refinancing, and Section 2 construction including a large smolt facility. Since inception, over €115 million in equity has been raised from Icelandic and international aquaculture-experienced investors. Funds support hatchery (operational since August 2024 with five egg batches), grow-out tanks (first online April 2025, second imminent), processing facility, and smolt production. Production advances with the smolt station fully operational; first eggs from November 2023 reached grow-out in November 2024, now averaging 2 kg, with harvest planned for November 2025 at 4-5 kg. First harvest from Section 1 expected autumn 2025. |
| Jul 2024 | Series A | Farvatn Venture; Kontrari | $7M | LAXEY, a Vestmannaeyjar, Iceland-based aquaculture company, develops sustainable land-based salmon production using hybrid-flow-through technology. The company raised €6 million in an equity private placement in July 2024 from Farvatn Private Equity and Kontrari, two Norwegian family offices experienced in seafood investments, alongside existing investors and employees. This round followed a €40 million private placement closed in April 2024 and funds construction of the second section of its 4,500-ton HOG salmon production facility. LAXEY's hatchery has been operational since November 2023, producing its first smolt batches, with full commissioning expected by July 2024 at a capacity of 4 million 100g smolt annually. The grow-out site construction is on schedule, with initial tanks erected in June 2024 and smolt insertion planned for fall 2024. Prior to 2024, funding came primarily from the local Óskarsson family; the recent rounds totaling €46 million have diversified the shareholder base. Arctic Securities served as global coordinator and bookrunner, with Mar Advisors as financial advisor. Investors bring seafood expertise to support LAXEY's growth toward full facility operations. |
| Apr 2024 | Undisclosed stage | Blue Future Holding (lead); Westman Islands pension fund; Snaebol; Nutreco; Festa Lífeyrissjóður; Kjartan Olafsson; Almenni lífeyrissjóðurinn; Seaborn | $43M | Laxey, formerly Icelandic Land Farmed Salmon, is developing a land-based Atlantic salmon farming facility in the Westman Islands, Iceland, targeting 27,000-36,000 tonnes annual production (head on gutted) in six phases. The April 2024 funding round raised €40-42 million in equity, led by Blue Future Holding (part of EW Group), with investors including Nutreco, Seaborn, Kjartan Ólafsson, and the Westman Islands pension fund, completing financing for the first 4,500-tonne phase, hatchery, and post-smolt production. The hatchery is operational, producing batches for internal and external sales from autumn 2024, with grow-out construction underway. This round brought total funding over €80 million, supported by the local Óskarsson family previously, adding strategic salmon industry expertise for growth toward 2030 goals. Production progress includes smolt station fully operational, first eggs from November 2023 reaching 2kg by late 2024, with harvest planned for November 2025 at 4-5kg. Section 2 construction started, enhancing capacity and biosecurity. Later in 2025, Laxey raised additional €28 million (oversubscribed) for Section 2 and smolt facility, part of €63 million equity that year within a €130 million debt-equity package, with new shareholders like major Icelandic pension funds (LSR, LIVE, Gildi); Óskarsson family holds 38%, strategic investors 21%, pensions 20%. |
| Sep 2023 | Undisclosed stage | - | $46M | - |
Who has invested in LAXEY?
13 investors have backed LAXEY across its funding rounds, including Farvatn Venture, Nutreco, Gildi Iceland, Kjartan Olafsson, Kontrari and LSR.
Lead investors include Blue Future Holding.
LAXEY Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Apr 2024 | ||
| 1 | Participant | Apr 2024 | ||
| 1 | Participant | Jul 2024 | ||
| 1 | Lead | Apr 2024 | ||
| 1 | Participant | Apr 2024 | ||
| 1 | Participant | Jul 2025 | ||
| 1 | Participant | Apr 2024 | ||
| 1 | Participant | Jul 2025 | ||
| 1 | Participant | Jul 2025 | ||
| 1 | Participant | Apr 2024 | ||
| 1 | Participant | Apr 2024 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialLAXEY Competitors
LAXEY competitors include listed companies like Novonesis, CF Industries, Qinghai Salt Lake Industry and Industries Qatar, and private ones like Farmers Business Network and Shiji Biotechnology.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $4.8B | $1.6B | $31B | 6.7x | ||
| Publicly listed | $7.1B | $3.2B | $20B | 3.1x | ||
| Publicly listed | $2.3B | $1.2B | $20B | 4.5x | ||
| Publicly listed | $4.4B | $1.6B | $17B | 4.4x | ||
| Private | - | - | $4B | - | ||
| Private | - | - | $2.7B | - |
LAXEY Public Comps
LAXEY is still privately-owned, but its public comps include GE Vernova, Iberdrola, China Yangtze Power, Constellation Energy, Corteva, BASF, Vistra, Archer-Daniels-Midland, Nutrien and ACWA Power.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $38B | $3.2B | 6.2x | 5.4x | 73.5x | 43.5x | |||
| $51B | $17B | 4.4x | 4.3x | 13.2x | 11.8x | |||
| $13B | $11B | 11.4x | 11.3x | 13.9x | 14.4x | |||
| $26B | $5B | 4.6x | 3.8x | 23.5x | 15.3x | |||
| $17B | $2.9B | 3.3x | 3.2x | 19.5x | 13.9x | |||
| $69B | $8.2B | 1.1x | 1.0x | 8.9x | 8.6x | |||
| $18B | $5B | 4.0x | 3.3x | 13.9x | 10.2x | |||
| $80B | $2.9B | 0.6x | 0.6x | 17.4x | 11.2x | |||
This data is available for Pro users. Sign up to see all LAXEY competitors and their valuation data. Start Free Trial | ||||||||
Common questions about LAXEY
| When was LAXEY founded? | LAXEY was founded in 2021. |
| Where is LAXEY headquartered? | LAXEY is headquartered in Vestmannaeyjar, Iceland. |
| Is LAXEY publicly listed? | No, LAXEY is a private, VC-backed company. |
| How much funding has LAXEY raised? | LAXEY has raised $222M across 6 funding rounds. |
| What was LAXEY's last funding round? | LAXEY's last funding round was a $55M undisclosed-stage round in June 2026. |
| Who are LAXEY's investors? | LAXEY's investors include Westman Islands pension fund, Snaebol, Farvatn Venture, Blue Future Holding, Nutreco, LSR, Festa Lífeyrissjóður, Tradesmen's Pension Fund, Gildi Iceland, Kjartan Olafsson and 3 others. |
| Which companies are comparable to LAXEY? | Companies comparable to LAXEY include Novonesis, CF Industries, Qinghai Salt Lake Industry, Industries Qatar, Farmers Business Network and Shiji Biotechnology. |
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