The Circle, one of the largest aquaponic agricultural companies in Europe has raised €2.1 million from Opes Italia, a venture capital fund operating in the field of impact investing, and Sparviero Holding led the round. The round follows a financing of €1.5 million from Invitalia through the Smart & Start Italy – PON Enterprises and Competitiveness 2014 – 2020 program, bringing the total value of the capital injection to €3.6 million.
The funds will finance the construction of two new aquaponic salad and herb production facilities for the restaurant industry, one in Rome and one in Milan, the expansion of production dedicated to processed products, and the establishment of Italy’s first biomimetic transformation implant for the production of aquaponic-origin pesto, oils, and flavored salts, which will be located in Abruzzo.
“In addition to a significant increase in the production of aquaponic products, the investments will allow for significant progress within the facilities through the implementation of the intellectual property developed over the years in both cultivation systems and cutting and cleaning operations,” said Valerio Ciotola, Co-founder and CEO of The Circle.
As part of the operation, the law firm Di Cecco and Associates assisted The Circle with an M&A team led by partner Avv. Mary Moramarco and supported by senior associate Avv. Giulia Leoni. Opes Italia was assisted by Avv. Gabriele Ambrogetti of the law firm VBGA.
“We invested in The Circle because we believe it is a reference point not only in Italy for circular production innovation, which addresses the urgent global need to efficiently use resources such as water and soil in the food production chain. We are proud to contribute with The Circle’s proposal to bring sustainable food to Italian tables and soon, to European ones,” commented Elena Casolari, Partner and CEO of Opes Italia.
The Circle was founded in 2017 by biotechnologists Valerio Ciotola, Simone Cofini, Lorenzo Garreffa, and marketer Thomas Marino, four young entrepreneurs born in 1992, united by the ambition to reduce water and soil waste in agriculture through a technology that combines soilless cultivation and fish farming. In July 2021, they completed an equity crowdfunding campaign worth €500k, expanding the greenhouse area of the Fontana Candida implant to 5,000 square meters and supporting the distribution of their products in the retail sector. In six years, they have created the largest aquaponic site in Europe, and in 2023, with the support of INVITALIA, they began work on the construction of Italy’s first biomimetic transformation implant for the production of aquaponic-origin pesto, oils, and flavored salts in L’Aquila.
Over the years, they have received requests for fresh product supplies from over 200 restaurants across Italy, including Il Pagliaccio, Acquolina, Bulgari, Roscioli, Imàgo, Il Giglio in Tuscany, Glass, All’oro, Cracco Portofino, Luciano Cucina Italiana, Seu.
“The just-completed operation will allow The Circle to accelerate its business development and consolidate its presence in the Italian market. It will strengthen our position as a leader in sustainable production and make us ready for international markets,” added Thomas Marino, Co-founder and CMO of The Circle.
