Aquna
Aquna (ASX:MCA) is an Australian land-based aquaculture company producing premium Murray cod from its vertically-integrated farm in the Riverina region, serving fine-dining restaurants, retail (Woolworths), and 15+ international markets with fresh fish, smoked products, and caviar.
- Company typePublic
- Founded2011
- HeadquartersGriffith, Australia
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Aquna does
Aquna (legal entity Murray Cod Australia Limited, ASX:MCA) is an Australian land-based aquaculture company that produces and sells premium Murray cod, a freshwater white-fleshed fish endemic to the Murray-Darling Basin. Founded as an ASX-listed entity in 2011 and operating from Griffith in the Riverina region of New South Wales — approximately 550 km from the nearest ocean — the company is described as the world's largest Murray cod producer, following the 2016 consolidation of three aquaculture businesses (Silverwater Native Fish, Bidgee Fresh, Riverina Aquaculture) that gave it control of hatchery, nursery and farm operations under a vertically-integrated model. Production relies on a custom-designed, locally manufactured recirculating aquaculture system using open ponds fed by Murray-Darling Basin water, with full traceability from breeding to processing, approximately 18 months per grow-out cycle, and certifications including BAP 3-star, Halal, Kosher and HACCP.
The product portfolio comprises fresh table-ready Murray cod fillets (the core line), Hot Smoked Murray Cod (launched 2019), and Aquna Gold Murray Cod Caviar (launched 2023, world-first from farmed Murray cod). The company sells to premium foodservice — fine-dining restaurants such as Oncore by Clare Smyth, Ormeggio at The Spit, Brae, Aria, Merivale venues, Josh Niland's restaurants, and the Fat Duck Group — as well as to Australian consumers through a flagship Griffith retail store, approximately 90 Woolworths stores across NSW and Victoria, and a direct sales team led by a Chief Commercial Officer and a Sales Manager for seafood distributors. Internationally, products are sold in 15+ countries across Asia (Hong Kong, Singapore, Japan, Indonesia, Malaysia, Thailand, Philippines, Vietnam), the United States and Europe/UK through named distributors, with plans to export live fish to China and exhibit at Gulfood 2026 in Dubai.
The business model is sales of physical seafood products with wholesale pricing on application; revenue is generated through one-time sales of fresh, smoked and caviar products rather than subscriptions or licensing. Marketing is anchored on celebrity chef endorsements (notably Heston Blumenthal, who is also a shareholder, and Josh Niland), an extensive recipe library, food media coverage, and presence at domestic and international trade events. The company employs 11-50 people, is publicly listed with approximately 800-850 registered shareholders, and in May 2026 completed an approximately $10 million capital raise to fund expansion, shortly after appointing a new CEO with FMCG and large-scale agribusiness experience in April 2026.
Aquna firmographics
Firmographics- Name
- Aquna
- Legal name
- Murray Cod Australia Limited
- Website
- https://aquna.com
- Company type
- Public
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Aquna (ASX:MCA) is an Australian land-based aquaculture company producing premium Murray cod from its vertically-integrated farm in the Riverina region, serving fine-dining restaurants, retail (Woolworths), and 15+ international markets with fresh fish, smoked products, and caviar.
- Ownership category
- akta.pro rank
Aquna industry classification
Industry- Product category
- Premium Sustainable Aquaculture
- NAICS
- Finfish Farming and Fish Hatcheries (112511), Seafood Product Preparation and Packaging (3117), Aquaculture (1125)
- SIC
- Prepared Fresh Or Frozen Fish & Seafoods (2092)
- akta.pro primary industry
- Aquaculture Harvest, Processing & Packing (Farmed Finfish/Shellfish; On-Farm Plants) (AFANADAL)
- akta.pro secondary industry
- Aquaculture Processing & On-Farm Value-Add (primary handling, icing, packing) (AFAEAAAN)
Keywords
Where Aquna is headquartered
LocationHeadquarters
- HQ city
- Griffith
- HQ country
- Australia
- HQ region
- Oceania
Offices2 records
Markets served
Aquna business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure, Technology or R&D
Revenue model
- Murray Cod Product Sales: Primary revenue from sale of premium pond-grown Murray cod products including fresh fillets, hot smoked Murray cod, and Aquna Gold Murray Cod Caviar. Sold to fine-dining restaurants, seafood retailers, wholesalers, and through retail channels.
- Export Sales: International sales to Asian markets including Hong Kong and Singapore with plans to export live to China. Products sold through international distributor network.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Wholesale pricing available upon enquiry |
Go-to-market motion4 records
Distribution channels6 records
Marketing channels7 records
Aquna product offering
Product offeringCore offering
Aquna (Murray Cod Australia Limited) is a vertically integrated aquaculture company that breeds, farms, processes and distributes premium pond-grown Murray cod, an Australian native freshwater white-fleshed fish. Its product range includes fresh table-ready Murray cod fillets, Hot Smoked Murray cod, and Aquna Gold Murray Cod Caviar. Fish are grown in open ponds on the Murray-Darling Basin river system in the Riverina region of New South Wales, approximately 550 km from the ocean, with full traceability from pond to plate.
Product overview
Aquna Sustainable Murray Cod is a vertically-integrated aquaculture company producing premium, pond-grown Murray cod and related products. The core offering is fresh table-ready Aquna Murray Cod, a premium white-fleshed freshwater fish. The product portfolio includes the main Aquna Murray Cod (fresh/frozen fillets), premium Aquna Gold Murray Cod Caviar (luxury roe product launched 2023), and Hot Smoked Aquna Murray Cod (value-added processed product). The company operates a vertically-integrated system controlling breeding, growing, and supply, with full traceability from pond to plate. Fish are grown in open ponds on the Murray-Darling Basin river system in Australia's Riverina region, approximately 550km from the ocean.
Differentiator
Problem solved
Functional benefit
Brands
- Aquna Gold Murray Cod Caviar: Premium Murray cod caviar made from sustainably-farmed Murray cod roe, cured using Murray River Salt.
- Hot Smoked Aquna Murray Cod
Products and services
- Aquna Murray Cod Premium, pond-grown Murray cod sold as fresh and table-ready fillets, a delicate-flavour, firm-texture white-fleshed freshwater fish grown in native river water from the Murray-Darling basin system. Sought after by fine-dining restaurants and export markets.
- Aquna Gold Murray Cod Caviar Luxury caviar made from Murray cod roe, cured using Murray River Salt to produce a translucent champagne-coloured gold hue with a freshwater aroma and poppy texture. Designed as a premium expression reflecting the company's whole-fish philosophy.
- Hot Smoked Aquna Murray Cod Hot smoked Murray cod with a balanced light flavour, firm texture and clean aftertaste, made from sustainably pond-grown fish. Contains 21g protein per 100g fresh serve and is rich in Omega 3 and Omega 6 fatty acids.
Quantifiable outcome
- 45% increase in sales for FY26 start
- +3 more outcomes
Companies that use Aquna
Customer profileNamed customers10 records
Segments4 records
Ideal customer profiles4 records
Aquna technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Aquna partnerships and signals
Strategic signalPartnerships
15 partnerships are on record, tiered core and minor.
- Heston Blumenthal / Fat Duck GroupcoreWorld-renowned Michelin-starred chef Heston Blumenthal invested in the company and became a shareholder. His Fat Duck Group developed a series of 10 Aquna recipes, creating significant international brand exposure and culinary credibility.
- Josh NilandcoreCelebrity chef and fish expert Josh Niland champions Aquna Murray cod in his restaurants (Saint Peter, Charcoal Fish, FYSH Singapore) and has developed multiple recipes. Appeared on MasterChef Australia 2021 featuring Aquna products.
- Luke PiccolominorAward-winning chef and restaurateur from Griffith (Limone restaurant) serving as brand ambassador. Local connection with Riverina region.
- CleanFish (San Francisco)coreExclusive US distributor for Aquna Sustainable Murray Cod. First US adopter was Chef Cedric Vongerichten at Wayan restaurant in New York City.
- Waves Pacific (Hong Kong)coreInternational distributor for Hong Kong market.
- BlueYou (Singapore)coreInternational distributor for Singapore market.
- AS Foods (Indonesia)coreInternational distributor for Indonesian market.
- PFD Food ServicescoreMajor Australian wholesale food service distributor with stores across NSW, VIC, QLD, SA, and ACT covering PFD Canberra location.
- Blue Link (Japan)minorInternational distributor for Japan market.
- Maple Foods (Japan)minorInternational distributor for Japan market.
- Southern Aqua (Europe/UK)minorInternational distributor for European and UK markets.
- PIRSA (Primary Industries and Regions South Australia)minorPartnership allowing recreational anglers to fish for Aquna Murray Cod at Happy Valley in South Australia, promoting sustainable fishing experiences.
- Gourmet Partner (Singapore)minorInternational distributor for Singapore market.
- Orca (Singapore)minorInternational distributor for Singapore market.
- LeeFish (USA)minorInternational distributor for USA market, based in El Segundo, California.
Scale indicators6 records
Recent moves7 records
Expansion highlights6 records
Aquna competitors and assessment
Company assessmentBroad incumbents
- Mowi ASA: World's largest Atlantic salmon farmer, listed on Oslo Børs. Provides a broader incumbent benchmark for vertically-integrated, certified salmonid aquaculture with global distribution — relevant to understanding margin and certification dynamics even though much larger and species-different.
- Regal Springs: Global, vertically-integrated tilapia and barramundi producer with premium retail and foodservice brands. Comparable as a large-scale certified finfish aquaculture incumbent with sustainability credentials and export channel depth, contrasting with Aquna's smaller, single-species model.
Direct peers
- Royal Belgian Caviar: Belgian farmed sturgeon caviar producer with a premium, chef-led distribution model. Closely comparable to Aquna on premium positioning, certification-driven market access and focus on fine-dining/horeca channels in international markets.
- Sterling Caviar: California-based vertically-integrated producer of sustainable farmed white sturgeon caviar. Highly comparable to Aquna on the caviar side (Aquna Gold): premium positioning, full traceability, single-species focus and a farm-to-jar model marketed to fine dining and luxury retail.
- Caviar de Neuvic: French sustainable sturgeon caviar producer with strong fine-dining presence in Europe. Comparable as a vertically-integrated, certified, premium caviar brand selling into restaurants and luxury retail — competing for the same chef and luxury buyer attention as Aquna Gold.
- MainStream Aquaculture: Australia's largest barramundi farmer, vertically integrated with a premium, sustainability-credentialed offering. Most direct Australian analogue to Aquna: same country, same category (premium farmed finfish), same HACCP/BAP-style certifications and foodservice-led GTM.
Regional players
- Clean Seas Seafood: ASX-listed Australian aquaculture company farming Yellowtail Kingfish. Comparable as a publicly-listed Australian premium-finfish aquaculture operator serving domestic and export markets, though different species (kingfish vs Murray cod).
- Huon Aquaculture: Tasmanian-based premium salmon and ocean trout producer; recently acquired by JBS but historically ASX-listed. Comparable Australian aquaculture operator with vertically-integrated premium seafood distribution, retail and foodservice channels.
- Petuna Seafoods: Tasmanian premium seafood producer (salmon, ocean trout) with strong retail and foodservice presence. Comparable premium-positioned Australian aquaculture business serving fine-dining chefs and specialty retail, despite a different species focus.
- Tassal Group: Australia's largest salmon aquaculture operator and ASX-listed peer. Relevant for the Australian public-market aquaculture comparable: similar vertical integration, foodservice/retail distribution and sustainability-certified offering, although focused on a different species at much greater scale.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Aquna social profiles
Digital presenceAquna compliance and trust
Trust signalCompliance4 records
Aquna financial estimates
Financial estimateRevenue estimate
Valuation estimate
Aquna leadership team
Management profileNumber of profiles
Profiles5 records
Aquna subsidiaries and ownership
Company hierarchySubsidiaries3 records
Aquna funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Aquna M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Aquna
What does Aquna do?
Aquna (Murray Cod Australia Limited) is a vertically integrated aquaculture company that breeds, farms, processes and distributes premium pond-grown Murray cod, an Australian native freshwater white-fleshed fish. Its product range includes fresh table-ready Murray cod fillets, Hot Smoked Murray cod, and Aquna Gold Murray Cod Caviar. Fish are grown in open ponds on the Murray-Darling Basin river system in the Riverina region of New South Wales, approximately 550 km from the ocean, with full traceability from pond to plate.
Is Aquna a public or private company?
Aquna is a public company. It is classified as public and is currently operating.
When was Aquna founded?
Aquna was founded in 2011. It employs 11 to 50 people.
Where is Aquna based?
Aquna is headquartered in Griffith, Australia, in the Oceania region.
How does Aquna make money?
Two revenue lines are on record. Murray Cod Product Sales are the primary driver. The others are export Sales.
Who are Aquna's main competitors?
Broad incumbents on record are Mowi ASA and Regal Springs. Direct peers are Royal Belgian Caviar, Sterling Caviar, Caviar de Neuvic and MainStream Aquaculture. Regional players are Clean Seas Seafood, Huon Aquaculture, Petuna Seafoods and Tassal Group.
Does Aquna have an API?
No public API is recorded for Aquna.
What industry is Aquna in?
Aquna's product category is Premium Sustainable Aquaculture. Its primary akta.pro industry code is AFANADAL, Aquaculture Harvest, Processing & Packing (Farmed Finfish/Shellfish; On-Farm Plants), with a secondary code of AFAEAAAN, Aquaculture Processing & On-Farm Value-Add (primary handling, icing, packing). Its NAICS code is 112511 and its SIC code is 2092.