Destinu Guåhan makes an inaugural $1 million plus investment into two local businesses
BY SKYLER OBISPO
Journal Staff
The Guam Economic Development Authority’s Destinu Guåhan Venture Capital program made its first investments into Fish Eye Marine Ventures, Inc. and Vertical Industries, Inc. totaling up to a little over $1 million.
Destinu Guåhan invested $245,000 for a 49% ownership stake into Fish Eye Marine Ventures, Inc.
According to GEDA, this investment would diversify the marine observatory’s offerings through the resurrection of the Seawalker underwater helmet diving experience at the venture’s marine park in Piti.
Fish Eye Marine Ventures, Inc. received an investment of $245,000 from GEDA’s Destinu Guåhan Venture Capital program. Photo by Skyler Obispo. Akihiro Tani, Fish Eye’s general manager, told the Journal that the two main investments that would be made with the Destinu Guåhan backing would be the Seawalker’s helmet diving system and a new pontoon.
The program’s second investment into Vertical Industries, Inc., an agricultural venture, in the amount of $786,450 at a 49% ownership stake. GEDA said that the investment was for an agriculture hydroponic and aeroponic project in which the first $550,000 was for the first phase of the project, “with the remainder upon achieving certain revenue hurdles.”
Both Fish Eye and Vertical Industries pledged a 51% cash match towards the projects as a requirement of the Destinu Guåhan program. GEDA said that this represents approximately $2 million in new investments into the economy from the private sector and its venture capital program.
Fish Eye Marine Ventures, Inc. and Vertical Industries, Inc. received investments from GEDA's Destinu Guåhan Venture Capital program totaling up to a little over $1 million. Photo courtesy GEDA.
$10 million available in venture capital funding GEDA wrote in a Feb. 14 statement that it has $10 million dollars in venture capital funding through the State Small Business Credit Initiative. The SSBCI is a national program of the U.S. Department of the Treasury. GEDA highlighted the importance of capital investments in being a stimulant for the economy. It wrote, “capital investments are required to create jobs and generate economic activity in the private sector. Melanie Mendiola, GEDA’s CEO and administrator, said in a release, “Through Destinu Guåhan, we aim to foster economic resilience and empower local businesses. By providing accessible funding, we enable small enterprises to thrive and contribute to Guam’s long-term prosperity.” Tani told the Journal that his business and Vertical Industries were the only ones who applied for the program and he hopes that others, especially in the tourism industry, will take advantage of the program.
Businesses who apply to the Destinu Guåhan program must provide a business plan with detailed financial details, a ten-year exit plan to buy out the program’s stake, and evidence of the required 51% cash match.
Through the program, businesses can receive funding of up to $1 million per phase per project to finance new and developing ventures.
Preferred industries for Destinu Guåhan funding are tourism revitalization, agriculture and aquaculture, and technology. mbj
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