Pomona Invests in a Sustainable Fishing Company in Guatemala
Pomona has recently invested in Tunart, a Guatemalan fish-processing company with regional expansion plans. They are creating a market for local fresh tuna caught from Guatemala’s coastlines. After less than two years of operations, Tunart has built a large customer base of local and international clients, created job opportunities in an economically depressed part of the country, and raised awareness of sustainable fishing practices among the fishing communities with whom they work.
The fish processing facilities are based in Puerto San Jose, Escuintla, and Guatemala City. They boast the most modern equipment in the country for fish processing and apply the sashibo grading technique for tuna. It is also the only fish processing and distribution company in the country that can guarantee cold chain supply from the boat (when the fish is caught) to its end buyers, further ensuring the quality of its products. Tunart’s customers, including distributors from Miami and New York, have voiced their pleasure with the company’s products and confirmed the increasing unattended demand for quality seafood, representing fuel for Tunart’s growth.
Rich Ambrose – Pomona Managing Partner: “There is a tremendous opportunity to work with the most important market maker (in the Guatemalan fish industry) to drive down more sustainable fishing practices through its supply chain while improving the livelihoods of the fishermen. When Pomona talks about “profitably scaling (our portfolio company’s) impact” this investment serves as a perfect example.”
Tunart has provided fishermen with training on more efficient ways to identify the location of tuna (and other desirable catch), how to provide proper handling of the fish upon getting them on the boat, and has facilitated additional resources like GPS, radars, and special hooks, that allow the implementation of sustainable fishing practices. As a result, Tunart is able to pay their suppliers substantially more money (in some cases up to 3x more per fish), thereby driving up income levels. Lastly, Tunart’s fishermen feel more invested in protecting the ocean and implement sustainable practices that reduce bycatch of endangered species such as sharks and turtles.
Alberto Soto – Tunart’s, CEO: “The investment that Tunart is receiving from Pomona will significantly benefit the fishing communities and our company. Together with Pomona, we will be able to further create impact by making technology accessible to the fishing community, providing training to help them become sustainable, efficient, and competitive.”
Pomona’s $500k revenue-based investment in Tunart will help the company expand their processing facility, overcome a working capital shortage and scale their capacity to serve the international market. Pomona has already helped Tunart obtain grant financing to strengthen its ESG policies as well as deepen its engagement with the fishing communities. Rich Ambrose will serve on their board of directors for the duration of the investment as a non voting member.
About Pomona Impact
Pomona Impact Fund II, LP (“Fund II”) will invest primarily in businesses in the Agriculture, Basic Goods & Services (Access to Energy, Water, Education, Health and Housing) and digital economy industries, that create highly-scalable social and environmental impact across Central America, Mexico, Colombia, and Ecuador to deliver compelling financial returns and help companies scale their impact profitably.
For businesses interested in applying for investment from Pomona Impact Fund II, please submit an application here.