The first round of financing, completed in July 2023, was highly successful, enabling the company to achieve its goals. Alongside the share sale, all convertible bondholders chose to convert their bonds into equity, expanding the company’s shareholder base from one to 22 following the capital increase. In April 2024, LAXEY finalized a €40 million private placement.

Due to strong investor demand, a subsequent funding round was initiated in June 2024, successfully raising approximately €6 million through an equity private placement to commence construction on the second phase of its 4,500-ton HOG land-based salmon production facility.  In the second phase of funding in 2024, the company extended an invitation to its employees to participate. This year’s funding efforts have led to a significant increase in the number of shareholders, rising from 22 to 68. 

The company’s establishment and development of the project have been ongoing since the start of 2019. Since the establishment of the original development company, Sjælbært fisheldi i Eyjum ehf., emphasis has been placed on building the project, i.e., data presented to prospective investors is prepared professionally by skilled experts in their respective fields. Also, with the guiding principle of working on the project in consultation with stakeholders and the community in Vestmannaeyjar