Agribusiness company Arafura Pearls has raised $10.5 million for its managed investment scheme (MIS) - more than double the amount raised in last year's scheme.
"Investors are attracted to our operation and industry because of the high barriers to entry for potential competitors, quota controlled production and the prestige of the product," Arafura chief executive Andrew Hewitt said.
It is the second MIS offering from Arafura Pearls. Last year the company raised $4.6 million for its first scheme.
The MIS will fund the company's pearl farming operations in Arnhem Land, Northern Territory.
"Investors are becoming aware of the benefits of investing in agribusiness investments. We have also received a ratings upgrade from Adviser Edge which further consolidates our reputation in this market," commercial projects manager Daniel Hewitt said.
Research company Adviser Edge awarded Arafura's pearl project four out five stars. Previously the project attracted a three star rating.
Arafura has the potential to become Australia's third largest South Sea pearl producer, according to Adviser Edge.
