Faroe Islands-based Ocean Rainforest, a seaweed cultivation and processing company, announced that it has raised approximately €5.8M funding in a Series A round of funding, led by The Grantham Foundation.
Katapult Ocean’s Deep Blue fund, Builders Vision, and the Ocean Born Foundation invested along with the participation from existing shareholders World Wildlife Fund (WWF-US), Norðoya Íløgufelag, and Twynam Invest.
The funding will enable Ocean Rainforest to scale up seaweed production in its facilities in the Faroe Islands as well as accelerate product and market development.
The company will also use the capital to accelerate its operation in the North Atlantic Ocean and the Eastern Pacific Rim.
The company has developed a “first of its kind” open ocean cultivation system suitable for real offshore conditions in the North Atlantic and Pacific Oceans.
The company is working on multiple international R&D efforts in Europe and the United States to develop and optimize cultivation and processing strategies that will allow the competitive supply of this sustainable biomass into various products.
The company has established a US subsidiary in Southern California, where it recently obtained an R&D permit for seaweed cultivation in federal waters.
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