Darwin, 9 September 2026: A packed, loud and attentive audience including government, industry, investors, press and Indonesian Consulate members at the Darwin Innovation Hub saw North Australian SeaCulture (NASC), a Northern Territory seaweed cultivation and biorefining company, named winner of Croc Pitch 2026, putting it in line for up to $1 million in venture capital from Paspalis Capital, subject to due diligence. But the judging didn’t stop there. Deliberations from the Paspalis Investment Committee ran unusually long, and in an unprecedented move, fellow finalists NatureHelm and Drone-Hand are also now entering due diligence for potential investment.

NASC grows and processes native tropical seaweed into soil products that help mine sites hit rehabilitation targets they cannot currently meet with existing methods. Lab trials show up to 75 percent higher seed germination against a 50 percent regulatory benchmark, with paid trials underway with a major miner and NASC’s first cultivation site already running at the Darwin Waterfront Lagoon. Founder and CEO Alison Duguid is a fifth-generation Territorian, and a member of the extended Fong Lim family, which includes former Darwin Lord Mayors Alec and Katrina Fong Lim.

The winner was announced by Hon Robyn Cahill OAM, Minister for Trade, Business and Asian Relations, who congratulated the finalists and celebrated the Territory’s growing innovation ecosystem. “Every single one of the finalists is doing extraordinary things, and they are here telling their story and putting forward the opportunity that they believe in. Every one of them are deserving. Our clear skies, available land, and our proximity to Asia really do create the opportunity that you will not find anywhere else. I’m absolutely delighted to say the winner is North Australian Sea Culture, a Territory business securing up to $1 million in venture capital from Paspalis Capital for its work developing regional seaweed supply chains for soil rehabilitation, cosmetics, food and textiles.”

Alison Duguid, CEO and Founder of NASC, said: “I’m so honoured to have been selected as the winner of Croc Pitch 2026, in particular because the competition was so great. I’m looking forward to continuing to develop the seaweed industry in the Territory and kick some big goals in 2027!”

This year’s Croc Pitch brought three Australian founders to the stage, all tackling agriculture and biodiversity restoration in Northern Australia, each from a completely different technology angle: NatureHelm, a biodiversity intelligence platform that turns nature risk into new financial opportunity for agribusiness, real-asset investors and resource companies, pitched by Dr Debbie Saunders, Co-Founder and CEO; Drone-Hand, an autonomous livestock management platform giving remote cattle stations real-time visibility over stock, water and infrastructure without adding vehicle or aircraft hours, pitched by Edward Barraclough, Founder and CEO; and North Australian SeaCulture (NASC), pitched by Alison Duguid, CEO and Founder. NASC was named Croc Pitch 2026 champion, with NatureHelm and Drone-Hand also advancing into due diligence for potential investment.

The three finalists were selected from a pool of registrations spanning Australia and overseas, with entries from as far afield as Pakistan, India, Singapore and Hong Kong.

Each founder faced sharp questioning from the Croc Pitch panel of experts: Alex Farrugia, Investment Manager at Paspalis Capital; Larnie Batten, Director of the Innovation Activation team at the Northern Territory Government’s Department of Trade, Business and Asian Relations; and Professor Steve Rogers, Deputy Vice-Chancellor of Research and Community Connection at Charles Darwin University.

Deliberations were intense. Following the live pitches, the Paspalis Investment Committee named North Australian SeaCulture (NASC) Croc Pitch 2026 champion, while confirming NatureHelm and Drone-Hand would also progress into due diligence for potential investment.

Alex Farrugia, Investment Manager Paspalis Capital, said: “This was the closest call we’ve had at Croc Pitch. All three founders walked in with real traction and a business we could see ourselves backing, and it took the committee a lot longer than usual to land on a winner. North Australian SeaCulture earned that win, but we weren’t willing to let NatureHelm or Drone-Hand walk away, so both are now going through due diligence alongside them. It’s the strongest field we’ve seen, and we want a piece of all three.”

By the time this year’s finalists reached the stage, they had already been tested. Croc Camp sharpened each finalist’s pitch with guidance from industry mentors, and Paspalis Investment Manager Alex Farrugia worked with them one-on-one, pulling apart decks and rehearsing the toughest questions before the panel could ask them.

That process has paid off in the past, as attested by past Croc Pitch contestants and this year’s guest speakers. Frank Noppel, CEO of 2023 runner-up Blueflite, said: “We pitched in 2023, we came second, and still got Blueflite over 1 million dollars in investment from Paspalis.” Shoaib Iqbal, CEO of 2024 winner Esper Satellites, said: “The NT has been a really great test-bed opportunity for us, from running pilots to test things with multiple customers.”

Now in its 8th year, Croc Pitch has become Northern Australia’s premier pitching competition — where bold founders compete for a chance at up to $1 million in venture capital. All investments are subject to due diligence.

The event is hosted by the Darwin Innovation Hub, with support from Paspalis Capital (Major Sponsor), the Northern Territory Government, Business Enterprise Centre NT, and Charles Darwin University. Together, these partners are positioning the Northern Territory as a gateway for investment in Northern Australia and the Asia Pacific, showcasing the North as a place where frontier technologies can be tested, proven, and scaled to global markets.

*Subject to agreed terms of investment and due diligence.