Nova Scotia-based Ocean Executive is developing an online trading platform to improve supply-chain efficiency for the seafood industry.
The company will use a $100,000 seed investment from Innovacorp, Nova Scotia's early stage venture capital organization, to finish product development and explore markets.
"Our technology will help streamline the sales and marketing process for a wide range of seafood companies, not just locally, but across the globe. It will allow seafood professionals to transact in a more efficient, transparent and profitable manner," said Ocean Executive founder and president, Mikel Budreski.
"All players in the supply chain stand to benefit from true and fair market pricing, whether it's fishermen, processors, wholesalers, distributors, traders, brokers, retailers or large restaurant chains."
Ocean Executive's platform will let buyers and sellers connect directly, in real-time, using an open or private auction marketplace. Users will receive live pricing and market data for better and more-informed trading. They will also be able to post futures contracts for upcoming product requirements and/or supply.
Users will be able to customize the tool for trading, optimizing logistics by choosing trading hubs and delivery points. It will also help manage distribution and supply, and integrate with automated inventory systems for better planning.
Ocean Executive's online marketplace will reduce the need for phone calls, e-mail price lists, face-to-face meetings, and physical spot auctions.
Mr. Budreski has more than 15 years of experience in the seafood industry and five years working as an energy commodity broker on the New York Stock Exchange. His Ocean Executive team includes Brian Fong, sales and marketing, and Steven Fong, IT services and development. The company's early market research and customer discovery have been encouraging.
"The seafood industry is a major commodity market that is still using outdated and inefficient processes to buy and sell product," said Greg Phipps, Innovacorp's managing director of investment. "Ocean Executive's technology has the potential to modernize the industry's trading system. We're looking forward to working with Mikel and his team as they build the product and take it to the marketplace."
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Nova Scotia, August 14, 2014