First Water is developing land-based aquaculture infrastructure to raise Atlantic salmon entirely onshore in Þorlákshöfn, Iceland. By using recirculating aquaculture systems, the company aims to produce salmon in a controlled environment that reduces sea-lice risk and minimizes environmental impact compared with traditional sea-based farming. The new facility is being expanded to increase production capacity, supported by successive capital raises. To date the company has attracted at least €63M in equity funding, consisting of a €39M round followed by the current €24M infusion. The latest capital will be used to accelerate construction and scale operations at the Þorlákshöfn site. First Water’s backers include its existing shareholder base, which fully subscribed the new round. No specific operating metrics such as production volume, revenue, or headcount were disclosed in the articles.

Total raised

$28M

Funding rounds

1

Latest round

Equity

Latest activity

Nov 2025