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Picture credit: Ocean Rainforest
Kaldbak, Faroe Islands-based Ocean Rainforest, a seaweed cultivation and processing firm, introduced on Wednesday, February 15, that it has raised $6.2M (roughly €5.8M) funding in a Collection A spherical of funding, led by The Grantham Basis.
Katapult Ocean’s Deep Blue fund, Builders Imaginative and prescient, and the Ocean Born Basis invested together with the participation from current shareholders World Wildlife Fund (WWF-US), Norðoya Íløgufelag, and Twynam Make investments.
The funding will allow Ocean Rainforest to scale up seaweed manufacturing in its amenities within the Faroe Islands in addition to speed up product and market growth.
The corporate may also use the capital to speed up its operation within the North Atlantic Ocean and the Japanese Pacific Rim.
Olavur Gregersen, Co-founder and CEO of Ocean Rainforest, says, “The funding permits us to scale up operations within the Faroe Islands and proceed to commercialise our cultivation and processing actions of Big Kelp in California.”
He provides, “Moreover, we are going to examine potentialities for replication of our enterprise mannequin in collaboration with native companions in particular areas in Europe and North America.”
Ocean Rainforest: Seaweed cultivation firm
Led by Olavur Gregersen (co-founder and CEO), Ocean Rainforest is a seaweed cultivation firm with absolutely built-in manufacturing from seed to shelf-stable merchandise.
The corporate has developed a “first of its type” open ocean cultivation system appropriate for actual offshore situations within the North Atlantic and Pacific Oceans.
The corporate is engaged on a number of worldwide R&D efforts in Europe and america to develop and optimise cultivation and processing methods that may enable the aggressive provide of this sustainable biomass into varied merchandise.
The corporate has established a US subsidiary in Southern California, the place it not too long ago obtained an R&D allow for seaweed cultivation in federal waters.
The Investor
The Grantham Basis for the Safety of the Setting is a non-public charitable basis based mostly in Boston. The Basis goals to guard and preserve the pure world by way of a broad vary of scalable however typically uncared for, local weather options.
Marc von Keitz, director on the Grantham Basis, says, “We’re enthusiastic about Ocean Rainforest’s capabilities to efficiently develop seaweed in open ocean environments. This funding will considerably broaden their manufacturing into off-shore waters and shall be vital to satisfy rising market demand and to achieve climate-relevant scale.”
“With restricted environmental impacts and a low carbon footprint, seaweed absorbs CO2 and different extra vitamins from the ocean, making this fast-growing crop a climate-smart and nutritious meals supply,” mentioned Paul Dobbins, Senior Director of Influence Investing at World Wildlife Fund-US.
He provides, “However seaweed can solely thrive as a local weather change resolution if we create a marketplace for the various meals, feed, and fossil-based substitute merchandise seaweed can present. Ocean Rainforest is addressing the feed market and their profitable capital elevate shines a highlight on this rising alternative.”
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