Espoo-based Origin by Ocean, a company that rids the oceans of harmful algae and turns them into everyday consumer goods, announced that it has secured €7.5M in a Seed round of funding.
With the raised capital, the Finnish startup aims to detoxify the chemical industry by offering sustainable, algae-based alternatives to traditional oil-based solutions and lead the way to a future industrial-scale algae refinement plant.
€3M came in private funds from Voima Ventures and Lifeline Ventures as well as from Batofin and Security Trading.
While €4.5M was a loan from Business Finland, which was used to pilot industrial-scale algae refining and commercialize the process.
Founded in 2019 by Mari Granström, Origin by Ocean’s algae-based alternative solutions claims to outperform the traditional chemical industry in terms of end-to-end sustainability as well as functional properties.
The company says its biorefinery-based production chain is sustainable from the start, obtaining raw materials from eutrophicated nations and offering sustainable business opportunities.
Cosmetics, detergents, food, and textiles are just a few of the uses for the company’s line of value-added functional ingredients.
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