PETALING JAYA: Biotechnology company GK Aqua Sdn Bhd is looking to raise RM2-8 million through 4.26-15.09% equity via the Malaysian equity crowdfunding platform pitchIN.
Founded in 2016 with an aim to make Malaysia an exporter of freshwater prawn, GK Aqua has a pre-money valuation of RM45 million. The group has a mission to empower agropreneurs with an easy-to-scale business model and biotechnology. To date it has enrolled 20 farmers into their freshwater prawn joint venture programme.
GK Aqua offers a repurchasing guarantee which makes farmers more inclined to pursue freshwater prawn farming.
The group’s founder and CEO Giva Kuppusamy pointed out that the funds raised will be used to capitalise on a fast-growing market, further research and development efforts, grow its team and scale its hatcheries.
“Through the utilisation of biotechnology methods, we are able to produce all-male postlarvae (PL). This has resulted in the breeding of disease-resistant prawns that are three times larger in size weighing an estimate of 200 grams per prawn,” he said in a statement.
The biotechnology hatcheries located in Batu Pelanduk, Negri Sembilan can produce 24 million PL per annum and has started exporting 200,000 PL to Mauritius and Cairo with a value of US$30,000 (RM125,000).
GK Aqua is working with the Negri Sembilan state government to develop “prawn valley” and to create more entrepreneurship opportunities for Malaysians.
Thus far, it has raised a total of RM4.6 million from PlatCOM, SME Corp, and Cradle through grants which were used to solidify their biotechnology research and digitising their farms.
