£2m raised to unlock seaweed alternative to plastic
Oceanium is developing a compostable bio-packaging material
A Scottish company has raised £2 million to develop a pioneering process that turns seaweed into plant-based foods and an alternative to plastic.
The funding for Oceanium, based in Oban, has been led by Green Angel Syndicate with the World Wildlife Fund.
It will used to open up the market for the growing seaweed farming industry in the food and sustainable packaging industries.
Seaweed farming is a regenerative form of aquaculture that absorbs CO2 and nitrogen, increases biodiversity, and can generate additional income and livelihoods along coastal regions.
Green Angel Syndicate is the UK’s only group of its kind specialising in the fight against climate change, and has helped finance projects with WWF as an anchor investor alongside Syndicate Room, Glass Wall Syndicate members, Kingfisher Capital, and other UK and international investors.
The seed funding round follows early investment from ocean impact VCs Katapult Ocean and Sky Ocean Ventures, as well as Scottish Enterprise.