This Entrepreneur Raised Over $100 Million To Farm Salmon And Other Seafood Sustainably

In the ever-evolving world of entrepreneurship, few journeys are as captivating as that of Lárus Ásgeirsson. Born in a small Icelandic fishing community, Lárus has transitioned from a mechanical engineer specializing in geothermal energy to a global business leader.

With extensive experience as an operator, Lárus is now a pioneering entrepreneur in sustainable salmon farming, building a hypergrowth company. His story is one of resilience, innovation, and an unwavering commitment to sustainability.

Listen to the full podcast episode and review the transcript here.

From Engineering to Business Leadership

Lárus’s early life in a fishing village deeply influenced his perspective on industries and sustainability. “Growing up in Iceland, where seafood was the backbone of our economy, I was naturally drawn to understanding the mechanics behind it,” he recalls.

This curiosity led Lárus to study mechanical engineering, specializing in thermodynamics and heat transfer—fields critical to harnessing Iceland’s abundant geothermal energy. Later, he would combine these skills with operations and marketing, rounding off his career as an operator.

Working at Marel

Lárus’ career took a pivotal turn when he joined Marel, an Icelandic startup revolutionizing the seafood industry. Combining technical expertise with sales and marketing acumen, Lárus helped transform Marel into a global leader in computerized fish processing solutions.

He also remembers building distribution networks and working out go-to-market and acquisition channels. The company’s innovations, such as onboard weighing scales, drastically improved efficiency, yield, and profitability in seafood production.

Although the product was unique, its market was relatively small, and they would saturate the market quickly. Lárus recalls, “We had to think globally and structure our operations to penetrate every market worldwide that needed the product.”

Lárus was able to accomplish this in a relatively short time by understanding the core product value. They could aggressively push B2B sales, not just with a team of well-selected sales personnel.

Mastering Mergers and Leadership

Since Lárus was pushing for sales, doing marketing, and also handling corporate development. He developed valuable insights into the transactional aspect of the business–particularly integration. He started to think about how they could use their technology to diversify into other sectors.

This strategic mindset was instrumental in Marel’s expansion into poultry and red meat industries through bold acquisitions, though their core know-how was seafood. Lárus played a crucial role in Marel’s mergers and acquisitions, often navigating uncharted waters.

“We acquired companies larger than us, not once but three times within a decade,” he shares. This rapid growth demanded agility and a steep learning curve, shaping Lárus into a well-rounded leader. Marel acquired two Danish and one Dutch company.

Lárus’ leadership prowess extended beyond Marel. After Iceland’s economic collapse in 2008, he was appointed CEO of an insurance company undergoing state restructuring.

Later, he led one of the world’s largest seafood trading companies and spearheaded a greenfield poultry project for a leading food producer in the Middle East. These experiences deepened his understanding of operations, corporate development, and cross-industry challenges.

Becoming an Entrepreneur: Founding Laxey

Returning to Iceland, Lárus co-founded Laxey, a pioneering venture in land-based salmon farming. “For the first time in my career, I was building something of my own,” he says. Laxey aims to produce over 30,000 tons of salmon annually using sustainable practices.

Lárus reveals that the other two Laxey co-founders, Andrew Pegge and Hallgrímur Steinsson, are extremely talented and manage the day-to-day operations of the company, which was a project in itself. Lárus brought in his experience and drive to complement their skills.

Their initial objective was to transform the company into a $300M to $350M operation in four to five years. The operation leverages Iceland’s natural advantages, including pristine seawater and geothermal energy, to minimize environmental impact.

The project was started on the island of Westman Air on the southernmost coast of Iceland.

Raising Funding for Laxey

The journey wasn’t without hurdles. “In the early days, we had no bank support and relied on equity from ourselves and strategic investors,” Lárus recalls. They needed to raise equity capital worth $208M (€200M) and intended to invest $520M (€500M) into the project.

However, the co-founders had a compelling story and metrics. There is a very strong worldwide demand for salmon and analysts reported that the market would outperform the supply. Their advantage was that investors had no doubts about their targeted markets.

The bigger challenge in executing the project was to build the infrastructure to achieve their targeted goal of 30,000 tons of salmon annually.

Through perseverance and a clear vision, Laxey raised over $104M (€100M), including a critical $47.8M (€46M) round in 2024. “We focused on finding investors who brought not just capital but strategic guidance and networks,” Lárus emphasizes.

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Investor expertise also helped them recruit a board of directors with highly experienced members having diverse backgrounds who added credibility to the company with their dedication. They have elicited strong confidence in the company’s strategy and its execution.

Scaling Sustainably

Laxey’s phased approach to scaling—breaking the project into manageable stages—proved key to its success. They focused on the first phase, which involved raising capital to execute it and build the infrastructure.

One of the co-founders operated fishing vessels and was quite successful in the seafood sector. He sold the company and diverted the capital to building Laxey. Before getting investor money, they relied on their own resources.

By demonstrating early progress within a strict timeline, the team built investor confidence and expanded their pool of backers to include international companies aside from banks and mainly Icelandic investors..

Today, Laxey is on track to become a $350M operation, with plans to ship sustainably farmed salmon to Europe and North America.

“Our vision is to be a leading supplier of salmon produced in the most sustainable way,” Lárus states. Using filtered seawater free from parasites and diseases, Laxey avoids the environmental challenges plaguing traditional sea pens.

Lowering the risks of sea lice and other diseases has made the company regulation-compliant in getting mandatory licenses. Lárus looks forward to expanding the project and building other initiatives to continue its sustainability journey.

The company’s innovative approach aligns with the growing global demand for environmentally responsible seafood. They also hope to leverage green energy and hydropower plants in Iceland.

Lessons in Leadership and Vision

As chairman of Laxey’s board, Lárus prioritizes diversity and active engagement. “We’ve assembled a team with expertise spanning seafood, agriculture, and corporate strategy,” he explains.

Lárus brings management experience to the table not just from salmon and seafood but also from poultry and shrimp farming. They also have people with international experience in operating salmon companies worldwide.

This collective wisdom has been instrumental in navigating challenges and maintaining strong community relationships in Iceland. Reflecting on his journey, Lárus advises aspiring entrepreneurs to prepare meticulously.

“We underestimated the complexity of starting Laxey,” Lárus admits. “Spending more time on preparation could have eased the early days.” Yet, his resilience and adaptability underscore the transformative power of experience.

“Think slowly, think things through, and act quickly,” Lárus says. At the same time, spending too much time preparing for the journey is also not advisable. The first step ultimately makes the difference.

The Road Ahead

Laxey’s success is just the beginning. With an optimal environment for salmon farming and a proven model, Lárus envisions expanding the venture globally. “We’ve built a team capable of overcoming challenges and scaling sustainably,” he says.

From Iceland’s fishing shores to boardrooms worldwide, Lárus Ásgeirsson’s journey embodies the spirit of innovation and determination. As Laxey leads the charge in sustainable aquaculture, it’s clear that this entrepreneur’s story is far from over.

Listen to the full podcast episode to know more, including:

• Your startup fundraising pitch must succinctly articulate your vision, value proposition, and market opportunity.
• Tailor your pitch to align with each investor’s expertise, interests, and investment thesis.
• Craft a narrative that conveys passion, credibility, and the problem-solving journey behind your startup.
• Use metrics and financial projections to build trust and demonstrate growth potential.
• Investors bet on exceptional teams with the skills, experience, and resilience to execute.
• Address potential concerns with clear answers on risks, competition, and scalability.
• Rehearse your pitch to deliver it confidently and adapt to live feedback during presentations.

 

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