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OCEAN RAINFOREST | Secures $6.2 million in Series-A capital raise.
The funding round will enable further expansion of operations in the North Atlantic Ocean and the Eastern Pacific Rim, and accelerate product and market development.
(Mynd 📸 Ocean Rainforest)
Marc von Keitz director at the Grantham Foundation, said:
“We are excited about Ocean Rainforest’s capabilities to successfully grow seaweed in open ocean environments. This funding will significantly expand their production into off-shore waters and will be critical to meet growing market demand and to reach climate-relevant scale.”
The funding was led by The Grantham Foundation for the Protection of the Environment who invested alongside Katapult Ocean's Deep Blue fund, Builders Vision and the Ocean Born Foundation.
Existing shareholders World Wildlife Fund (WWF-US), Norðoya Íløgufelag and Twynam Invest also participated in this Series A round.
“With limited environmental impacts and a low carbon footprint, #seaweed absorbs CO2 and other excess nutrients from the ocean, making this fast-growing crop a climate-smart and nutritious food source,” said Paul Dobbins, Senior Director of Impact Investing at World Wildlife Fund - US.
“But seaweed can only thrive as a climate change solution if we create a market for the many food, feed and fossil-based replacement products seaweed can provide. Ocean Rainforest is addressing the feed market and their successful capital raise shines a spotlight on this growing opportunity.”
Olavur Gregersen, Co-founder and CEO of Ocean Rainforest, said:
“We are delighted that our existing shareholders as well as the new highly renowned investors within the sustainable ocean and climate impact contributed to the success of this financing round. The investment enables us to scale up operations in the Faroe Islands and continue to commercialize our cultivation and processing activities of #Giant#Kelp in California. Furthermore, we will investigate possibilities for replication of our business model in collaboration with local partners in specific locations in Europe and North America.”
Read the full press release at https://lnkd.in/eKXZ7aqm
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Kelda: Ocean Rainforest
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