OCEANIUM, a Scottish company specializing in cultivating and processing seaweed, announces a $2.6 million raise to scale its proprietary biorefinery technology. Additionally, the capital will help the Scottish company accelerate the commercialization of its seaweed-derived ingredients and materials to meet market demand for sustainable products.
Impact platform Builders Vision led the round with additional participation from new investors, including BDT & MSD Partners and two family office members of the Hong Kong-based Sustainable Finance Initiative — OCEANIUM’s first investment from Asia. Previous investors, The World Wildlife Fund (WWF) and Green Angel Ventures, backed the company again in this round.
Karen Scofield Seal, CEO and co-founder of OCEANIUM, said: “This investment led by Builders Vision will allow OCEANIUM to scale its proprietary technology to meet the growing demand for its innovative seaweed products and to drive systemic change by contributing towards food security, people health and ocean health.”
Championing seaweed production
Co-founded in 2018 by Karen Scofield Seal (CEO) and Dr. Charlie Bavington (CTO), OCEANIUM uses proprietary technology to extract valuable components from seaweed to create ingredients. In 2021, the company raised $2 million from WWF Investment and Green Angel Ventures.
“Seaweed can play a valuable role in addressing climate change and creating sustainable food sources”
The company’s portfolio includes OCEAN HEALTH Fiber and OCEAN HEALTH protein, ingredients suitable for multiple food applications. OCEAN HEALTH Fiber has received GRAS status in the US and regulatory approval in the UK and the EU.
Other developments include OCEAN ACTIVES Fucoidan and OCEAN ACTIVES Beta-Glucan, two bioactive ingredients for health and cosmetics. Also, a sustainable and fully biodegradable water-based ink derived from seaweed for packaging and textiles (it has yet to launch) that the company claims is a world’s first.
OCEANIUM’s biorefinery model provides a model for the seaweed industry and a solution for food security and stable supply chains. After a 75-tonne processing run in 2023, the company says it attracted a list of B2B customers waiting to launch innovative products. Given its international expansion and growth, OCEANIUM has also announced intentions to employ a managing director.
James Lindsay, principal of the Builders Initiative Investment at Builders Vision, commented: “Seaweed can play a valuable role in addressing climate change and creating sustainable food sources, but we need innovators like OCEANIUM to champion seaweed production and highlight its wide range of uses.”