First Water hf.

First Water hf. is a leading company in land-based aquaculture, specializing in the sustainable cultivation of high-quality Atlantic salmon in Iceland. Founded in 2017 in Kopavogur, Iceland, First Water hf. focuses on land-based aquaculture, producing head-on gutted salmon.

The firm has executed 1 deal, with its most recent funding round occurring on March 25, 2025. In March 2022, it raised EUR 39 million from investors including Firethorn Wealth Partners and Stoðir hf. , totaling EUR 39 million raised to date. The company has not undergone major pivots and does not have subsidiaries.

First Water specializes in the cultivation of high-quality Atlantic salmon through a state-of-the-art, land-based aquaculture facility in Þorlákshöfn, Iceland. The company’s primary offering is head-on gutted (HOG) salmon, with each phase of the facility designed to produce 8,300 tons annually. This innovative farming approach leverages Iceland’s natural resources, such as renewable energy and pristine seawater, to ensure sustainable production while minimizing environmental impact. First Water targets a diverse client base, including seafood distributors, wholesalers, and retailers primarily in Europe and North America, where demand for responsibly sourced seafood is growing.

The company’s mission is to redefine salmon farming, addressing increasing consumer concern for sustainability and quality in seafood production. First Water generates revenue primarily through the sale of its premium-quality HOG salmon to various distribution channels, including wholesalers and retailers. The company’s business model is centered around direct-to-consumer relationships, facilitated through partnerships with seafood distributors who prioritize sustainable sourcing. Each transaction typically involves bulk orders, with pricing structured based on the volume of salmon purchased.

Given the company's commitment to sustainability, clients are often those invested in responsibly farmed seafood, which aligns with market trends favoring eco-friendly products. Revenue is expected to grow as the facility progresses through its phased development, with the initial production milestones indicating solid demand for their flagship offerings in targeted geographic markets. First Water hf. plans to leverage the EUR 39 million funding raised in March 2022 to solidify its market position and complete phase one of its operations.

The company is focused on expanding its product offerings and aims to enhance its reach in North America and Europe by the end of 2025. The funds will support the development of their aquaculture facility and help establish a strong presence in these key geographic regions.