Matorka

What Matorka does

Matorka is an Icelandic land-based aquaculture company that produces Arctic char for premium foodservice, high-end retail, and wholesale seafood distribution channels across Iceland, Europe, and North America. The company operates a vertically integrated production chain spanning its own hatchery in Hella, grow-out facilities in Grindavík, and processing in Hafnarfjörður following earthquake-related relocation in late 2023. Its commercial offering comprises three Arctic char SKUs (head-on gutted whole fish, skin-on pinbone-out fillets, and skin-on pinbone-out portions) sold fresh or individually quick frozen under custom quote-based pricing, primarily to distributors such as Searenity Seafoods, Silver Scale Fish, and CrowdCow.

The company's core technology is a hybrid flow-through aquaculture system that combines traditional flow-through and recirculating aquaculture approaches. Water sourced from precipitation and snowmelt is naturally filtered through up to 200,000-year-old volcanic lava beds, delivered to tanks at geothermal temperatures of 10-12°C without supplementary heating or cooling, and reused more than 90% before discharge using gravity-driven flow. The full vertical integration, from in-house hatching through harvest, supports complete egg-to-plate traceability and enables a harvest-to-order model that delivers product to shipping in under four hours. Matorka holds ASC, Global GAP, Equal Pay Verified, and Monterey Bay Seafood Watch Best Choice certifications.

Matorka generates revenue through B2B sales of fresh and frozen Arctic char products, distributed via a sales-led GTM motion targeting premium restaurants, high-end retailers, and seafood distributors. The company is privately held, founded in 2010, headquartered in Kópavogur, Iceland with operational sites in Grindavík, Hella, and Hafnarfjörður, and operates with 1-10 employees. Aqua-Spark is the principal disclosed institutional investor following a 2016 funding round of $5.5M.

Name

Matorka

Legal name

Matorka

Website

https://matorka.is

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Matorka is an Icelandic land-based aquaculture company that produces premium Arctic char for foodservice, high-end retailers, and seafood distributors across Iceland, Europe, and North America using a geothermal-powered, vertically integrated hybrid flow-through system.

Ownership category

akta.pro rank

Product category

Land-based Aquaculture / Arctic Char Production

NAICS

Finfish Farming and Fish Hatcheries (112511), Aquaculture (11251), Animal Production and Aquaculture (112)

SIC

Prepared Fresh Or Frozen Fish & Seafoods (2092)

akta.pro primary industry

Freezing & Cold-Chain Seafood Processing (IQF, Blast Freezing, Glazing) (AFANADAE)

Keywords

• Land-based aquaculture
• Arctic char farming
• Sustainable seafood production
• Premium fish products
• Vertically integrated fish farming

Headquarters

HQ city

Kópavogur

HQ country

Iceland

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Arctic Char Product Sales: Matorka generates revenue through the sale of fresh and frozen Arctic char products, including head-on gutted (HOG) fish, skin-on pinbone out fillets, and skin-on pinbone out portions. Products are available fresh or individually quick frozen (IQF). The company operates on a harvest-to-order basis, minimizing time from harvest to shipment.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Matorka is a land-based aquaculture producer that raises Arctic char in Grindavík, Iceland, using a hybrid flow-through system powered by natural geothermal heat and pristine low-salinity water filtered through volcanic lava beds. The company sells whole head-on gutted (HOG) Arctic char in 25 kg boxes, skin-on pinbone-out fillets, and skin-on pinbone-out portions in 4.5 kg boxes, each available fresh or individually quick frozen (IQF). Production is fully vertically integrated from in-house hatchery in Hella through grow-out in Grindavík to processing in Hafnarfjörður, and is primarily sold to premium restaurants, high-end retailers, and seafood distributors across Iceland, Europe, and North America.

Product overview

Matorka operates a single-purpose land-based aquaculture facility dedicated exclusively to raising Arctic char in Grindavík, Iceland. The company offers three product formats: whole fish (HOG), skin-on pinbone-out fillets, and skin-on pinbone-out portions—all available fresh or individually quick frozen (IQF). Their vertically integrated operation spans from in-house hatching to processing, with fish sold primarily to premium restaurants, high-end retailers, and distributors across Iceland, Europe, and North America. They also offer farm tours as a customer engagement service.

Differentiator

Problem solved

Functional benefit

Products and services

• Matorka Arctic Char (Whole Fish / HOG) Head on, gutted (HOG) Arctic char raised in Matorka's land-based Grindavík facility, sold in 25 kg boxes and available fresh or individually quick frozen (IQF). Targeted at premium restaurants, high-end retailers, and seafood distributors seeking a premium sustainable fish alternative to salmon.
• Matorka Arctic Char (Fillets) Skin-on, pinbone-out Arctic char fillets sold in 4.5 kg boxes, available fresh or IQF. Targeted at premium foodservice operators and retailers requiring processed fillets with consistent sizing and quality.
• Matorka Arctic Char (Portions) Skin-on, pinbone-out Arctic char portions sold in 4.5 kg boxes, available fresh or IQF. Designed for plate-ready serving in restaurants and retail assortment, providing portion-controlled servings of Arctic char.
• Land-Based Aquaculture Facility Tours Guided tours of Matorka's land-based aquaculture facilities in Iceland, offered to B2B customers so chefs, retailers, and distributors can experience the Icelandic operation and share the sustainability and traceability story with their own customers.

Quantifiable outcome

• 2.7 kg CO2e per kg of fish produced
• +5 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Searenity SeafoodsminorChannel Partner/ Reseller/ Distributor · 19 February 2024Searenity Seafoods, represented by Lauren Enz, offers Matorka Arctic char through their distribution network. This partnership expands Matorka's presence in the US market.
• Aquaculture Stewardship Council (ASC)coreOthersASC is an independent organization that sets standards and certifies sustainable practices in the aquaculture industry. Matorka holds ASC certification for sustainable aquaculture practices.
• Global GAPcoreOthersGlobal GAP is an internationally recognized standard that ensures safe and sustainable farming practices throughout the entire food production process. Matorka holds Global GAP certification.
• Monterey Bay Aquarium Seafood WatchcoreOthersSeafood Watch is a program that provides consumers and businesses with science-based recommendations for sustainable seafood. Matorka is rated 'Best Choice' by Seafood Watch.
• FishChoiceminorOthersFishChoice is a business-to-business platform connecting buyers with sustainable seafood suppliers. Matorka is listed as a FishChoice Supplier.

Scale indicators8 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• The Kingfish Company: Operator of land-based aquaculture systems for yellowtail kingfish in the Netherlands and the US. Most directly comparable to Matorka as a premium, land-based, sustainability-certified finfish producer; Matorka's CSO Cees-Jan Bastiaansen was previously Head of Quality and Sustainability at The Kingfish Company.
• Atlantic Sapphire: Land-based Atlantic salmon producer operating a large RAS facility in Florida and building Denmark operations. Closest analog to Matorka's land-based finfish business model, with similar sustainability positioning and premium market focus.
• Salmon Evolution: Norwegian land-based Atlantic salmon producer using hybrid flow-through technology at its Indre Harøy facility. Highly comparable to Matorka in technology architecture (hybrid flow-through vs. RAS) and target market (premium, sustainable salmon).
• Nordic Aquafarms: Land-based salmon producer with facilities planned in Maine and California (now largely re-scoped). Directly comparable as a RAS-based land-based salmon operator pursuing premium sustainable positioning in North American markets.
• Andfjord Salmon: Norwegian land-based Atlantic salmon producer using flow-through technology drawing from deep Arctic waters. Comparable to Matorka's land-based hybrid flow-through model and Arctic location advantage.

Regional players

• Samherji: One of Iceland's largest seafood companies with vertically integrated fishing, processing, and aquaculture operations including Arctic char. Regional peer operating in the same Icelandic seafood ecosystem with overlapping product portfolio and export markets.
• Brim hf: Major Icelandic fishing and seafood processing company. Comparable as an Icelandic seafood exporter with similar geographic footprint and customer segments across Europe and North America.

Emerging players

• AquaBounty Technologies: Land-based genetically engineered Atlantic salmon producer with facilities in Indiana and Prince Edward Island. Comparable as a small-cap land-based aquaculture operator targeting premium North American retail channels.

Broad incumbents

• Mowi ASA: World's largest Atlantic salmon farmer, offering premium seafood products globally including in similar foodservice and retail channels. A broad incumbent setting the price benchmark and sustainability standards that Matorka competes against in the premium whitefish category.

Others

• Crowd Cow (Maruha Nichiro partner): US-based online seafood and meat marketplace that already lists Matorka Arctic char. Comparable as a D2C premium seafood channel and a real-world customer of Matorka's products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks3 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/matorka

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds7 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Matorka