A seaweed processing firm has rebranded and raised more than a third of its fund-raising target as it taps into a multi-billion-pound global market.

Seaweed Enterprises has become House of Seaweed and is building major trade processing hub in Glenrothes.

According to estimates, the seaweed industry will grow from $17 billion (£13bn) to $30bn by 2029 and Pete Higgins, co-founder and chief executive of House of Seaweed, believes the company is on an “exciting journey.”

The firm has raised £600,000 of its £1.6 million investment target for a factory upgrade that will establish the business as the largest multi-species seaweed processing hub in the UK.

The firm’s strategic goal is to diversify its revenue base, offering bespoke contract manufacturing services to the wider seaweed industry and selling to multiple growing industries such as nutraceuticals, bioplastics and biorefineries, as well as the potentially lucrative food sector.

Seaweed is recognised as a potent ocean resource with nutritional, cosmetic, and pharmaceutical benefits, along with agricultural applications as both a fertiliser and foodstuff and a growing list of R&D in biopolymers.

Co-founder and brand marketing director Clare Dean added: “We have further exciting brands and product launches in the pipeline and are looking forward to working with our seaweed harvesters from Alba Mari in Fife, as well as the growing number of fantastic farmers on Scotland’s west coast and beyond.”