SEAFOODNEWS.COM [FishFirst] translated by Amy Zhong – June 29, 2018

EIR of Norway is a company established in one of Norways X2 Labs’ startup/acceleration projects and it has an ambitious development plan for the Asian market. It has acquired finances with success this May from Chinese and Norwegian investors as well as borrowed money from Norway’s banks. It is expanding at an extraordinary rate and it intends to create the first high-end brand of Norwegian sea cucumbers, said Harvard Walde, its consultant. The start-up is preparing for some other conferences in Singapore and Shanghai now to attract more investors.

It began domestic sales in May. Its first big event will be held during this year’s Gladmat festival from July 18-21. The company plans to promote dishes of quality sea cucumbers that are cooked shortly after leaving water and will employ three Chinese chefs for this event. This promotion is expected to create a revenue exceeding $14,000 USD. Foodies are one of its important target markets, while high-end Chinese restaurants and stores are another one of great significance.

In the meantime, this ambitious newcomer has also planned to further develop its supply chain and start sea cucumber aquaculture and processing businesses later this year. Its revenue is predicted to reach $250,000 USD in 2018. Its seafood products will be promoted and sold through e-commerce platforms. An analysis of available statistics shows that China and Southeast Asia are important markets of sea cucumbers and the global market value of these products reach about $425 million USD. The company’s plan for 2019 reads that it is to develop globally and increase its supply. Recently it has hired a new CMO specifically for the huge market in China. And if possible, it also intends to build a supply chain of sea cucumbers in Rogaland designated for Asian markets.