About 230 jobs may be created after Tauranga investment in an Ōpōtiki mussel processing factory.
The Purpose Capital Impact Fund, created by a number of Tauranga organisations, announced its inaugural investment in the country's first deep-water aquaculture project off the coast of Ōpōtiki.
The fund was established last year and attracted a number of high-profile investors.
As a result of the investment, Whakatōhea Mussels Limited now had enough funding to expand its blue water mussel farm and build a mussel processing factory in Ōpōtiki to employ hundreds of locals.
The fund formed a syndicate including BayTrust and Eastern Bay Energy Trust to invest $5.5m into the $37m project.
About $19m had already been secured from the Government's Provincial Growth Fund.