Investment will exemplify a new, sustainable blue economy in Sri Lanka through climate-smart aquaculture

The Global Fund for Coral Reefs¹ (GFCR), an investment fund managed by Pegasus Capital Advisors, has announced an investment in Oceanpick, South Asia’s premier oceanic barramundi farm backed by both Best Aquaculture Practices (BAP) and Aquaculture Stewardship Council (ASC) certifications.

This investment aims to showcase advanced sustainable aquaculture practices, promote economic development in local communities, and support climate-resilient livelihoods for coastal communities in Sri Lanka.

Small island nations like Sri Lanka face significant challenges from climate change, including rising sea levels and extreme weather events, which threaten marine ecosystems and surrounding communities. In Trincomalee, the location of Oceanpick, destructive practices like blast fishing cause severe damage to coral reefs, further exacerbating the vulnerability of local ecosystems. This investment addresses these urgent issues by providing alternative livelihoods for those dependent on these systems while supporting and protecting marine environments.

“We are proud to partner with Oceanpick to advance sustainable aquaculture that transforms coastal ecosystems and communities and drives the creation of a new blue economy for the island nation of Sri Lanka,” said Dale Galvin, Managing Director of the Global Fund for Coral Reefs. “Oceanpick aims to make a tangible difference in the region, with goals to grow climate-resilient species in ultra-sustainable fashion, while creating jobs and promoting alternatives that will lead to more holistic protection of Sri Lanka’s critical coral reefs and coastal marine habitat.”

Oceanpick, founded in 2012, operates Sri Lanka’s first commercial-scale offshore oceanic farm for finfish, producing high-quality barramundi for international markets.

“This investment is a landmark moment in our mission to revolutionize aquaculture and uplift the entire coastal community in Sri Lanka,” said Irfan Thassim, founder and CEO of Oceanpick. “With the GFCR’s robust support, we are enhancing our sustainable operations, creating numerous jobs, and driving economic development. This partnership is about more than fish farming; it’s about envisioning and realizing a future where healthy oceans and empowered communities go hand in hand, ensuring a legacy of sustainability and prosperity.”

The GFCR’s investment in Oceanpick will help to scale the business by incorporating best practice aquaculture, supporting and engaging local communities and contributing to long-term ecosystem health.