Aztec Capital Management LLC.

February 7, 2023

Aztec Capital Management (“Aztec”) announced today that it has invested in Aqua Cultured Foods (“Aqua”). The partnership will help enable Aqua’s continued growth including commercializing Aqua’s products from lab-scale to bring to the foodservice and retail channels, including the fresh refrigerated set for grocery, so that Aqua products can reach both restaurant tables and the seafood counter.  Terms of the transaction were not disclosed.

Based in Chicago, IL. Aqua ( is an innovative food technology startup developing the world's first whole-muscle cut seafood alternatives created through microbial fermentation.  Its novel technology produces sustainable, complete protein source using only a fraction of the resources required by traditional aquaculture. Aqua was the first company ever to produce whole muscle seafood using fermentation. Aqua is developing ultra-realistic calamari, shrimp, scallops, and filets of tuna and whitefish with proprietary mycoprotein fermentation processes that do not use any animal inputs, genetic altering or modification. Unlike plant-based processed foods formulated with starches and protein isolates, the company’s alt-seafood retains its’ naturally occurring fiber, protein, and other micronutrients.  The company’s mission is to mitigate global challenges such as overfishing, climate change and feeding the world’s expanding population with delicious, nutrient-rich foods.

Managing Partner of Aztec, Michael Bushey, said that Aztec is beyond excited to add Aqua to its portfolio. “Aqua’s development of microbial fermentation that creates whole-muscle cut seafood alternatives that doesn’t require extra processing or genetic modifications and produces a nutritional profile that is substantially more robust than many plant-based seafood options. We strongly believe in Aqua’s novel technologies and proprietary processes and we’re looking forward to being on this journey with the team.” 

“Aztec’s investment approach and team culture are a clear fit with Aqua. We are looking forward to leveraging their knowledge and experience to help execute upon our strategic growth initiatives and trying to bring new, exciting and delicious and products with great nutrition to market,” says Anne Palermo, CEO of Aqua 

For more information about the transaction, contact Michael Bushey at Aztec at

Aztec Capital Management is an operationally focused investment fund participating in investments in early-stage companies, primarily in the Midwest. Aztec partners with management teams to provide equity capital to support anticipated growth. For more information about Aztec Capital Management, visit

Aztec Capital Management LLC
Michael Bushey, 267.283.6641 or