Vote of confidence for emerging seaweed industry: Oceanium’s total 2021 financing reaches new heights through oversubscribed Seed II round and European Union grant

The second close of Oceanium’s Seed II fundraiser raises further c. $1 million and is 35% oversubscribed for the round, with Green Angel Syndicate investing more than in the first round.

Oceanium is awarded over €2 million in grant funding from the European Union as sole grantee for KELP-EU project which will kickstart the European seaweed farming industry.

Takes total financing raised in 2021 to over $6m (£4.5m), showing the momentum of confidence in the potential of seaweed processing and the seaweed industry.

Oban, Scotland, 14 December 2021 – Following first round investments including prestigious impact investors such as World Wildlife Fund and Builders Vision, Green Angel Syndicate, the only angel investment syndicate in the UK specialising in the fight against climate change, has invested for the second time. New investors include Silicon Valley-based Sustainable Ocean Alliance and Boston-based Norfolk Green Ventures. Oceanium has now raised over $8m in total funding since inception in 2018.

As well as Seed II financing, Oceanium has been awarded €2.1 million in grant funding from the European Maritime and Fisheries Fund (EMFF) of the European Union for the KELP-EU project. The 18- month KELP-EU project will kickstart the sustainable seaweed industry in Europe. Oceanium is the sole grant recipient. Oceanium will use the financing to deliver on an ambitious plan to process 150 tonnes of farmed seaweed from multiple European suppliers and take its processing from pilot stage to commercialisation.

The second fundraising close concludes an exciting year for Oceanium. Oceanium has tested proof of concept with expanded pilot processing in 2021, further developing its unique cascade biorefinery techniques. The company was also one of nine global companies selected to participate in an industry- leading accelerator, the Sustainable Ocean Alliance’s Ocean Solutions Accelerator.

Karen Scofield, CEO and Co-Founder, Oceanium said:

“Oceanium is grateful for the ongoing support from the impact investment community. In addition to the $1 million from new and existing investors such as Green Angel Syndicate, we have been awarded a catalytic grant from EMFF to kickstart the seaweed industry in Europe. 2021 has seen ever expanding interest in seaweed farming and seaweed-based products. We look forward to working closely with the seaweed farming community and mission aligned end users to build a sustainable value chain that benefits people health and planet health.”

Cam Ross CEO, Green Angel Syndicate said:

“We’re committed to investing in innovation in the fight against climate change. We are delighted to extend our initial investment in Oceanium in this second close of their Seed II fundraising, driven by increased commitment from our angel members and additional investment from our Climate Change Fund. By using our specialist members’ input, we are pleased to be helping Oceanium to develop the sustainable seaweed industry and increase their impact on carbon in the food chain and in materials.”

Peter Bryant, Senior Program Officer, Builders Initiative said:

“As an impact platform, Builders Vision is dedicated to supporting scalable solutions to the challenges that threaten the health of our oceans through philanthropy, investment and advocacy. We are proud to stand behind those dedicated to building a more humane and healthy planet, like Oceanium. As an investor since 2021, we recognise Oceanium’s potential to process sustainably farmed seaweed at scale and accelerate the sustainable seaweed industry.”

Craig Dudenhoeffer, Chief Innovation Officer, Sustainable Ocean Alliance said:

“Through the Ocean Solutions Accelerator, Sustainable Ocean Alliance is proud to offer companies like Oceanium, a 2021 cohort member, the springboard and network to tackle some of the most pressing needs facing our oceans and people. By helping to unlock the sustainable seaweed farming industry, Oceanium’s biorefinery process is an innovative technological solution addressing food and nutrition, and circular materials challenges.”