Finnish biotech Origin by Ocean receives €7.5M in seed funding
Espoo-based biotech startup Origin by Ocean has received €7.5 million to detoxify the chemical industry with algae-based solutions. The round consisted of €3 million from private funds of Voima Ventures and Lifeline Ventures, as well as a €4.5 million loan from Business Finland.
- Founded in 2019 by Granström Mari and Mikael Westerlund, Origin by Ocean is a platform-based algae refining company. The company challenges the traditional chemical industry by out-performing them in sustainability and functional properties. Its production chain is very sustainable, as it is sourcing raw materials from countries suffering from eutrophication.
“Origin by Ocean’s various algae-based solutions and ingredients can replace crude oil as a raw material in many products. Our unique problem-solving approach is to convert both harmful invasive and sustainably farmed algae into value-added ingredients. Hence, we’re solving two problems: producing sustainable ingredients for our global consumer brand customers and cleaning up coastal areas affected by invasive algae,”Mari Granström, CEO and founder of Origin by Ocean, says.
- With seed funding totalling €7.5 million, Origin by Ocean will lead the way to a future industrial-scale algae refinement plant. The round consisted of €3 million of private funds from the main investors Voima Ventures and Lifeline Ventures, and Batofin and Security Trading. The capital was further boosted with a €4.5 million loan from Business Finland.
“To preserve the planet, we need sustainable bio-based solutions to our everyday life like daily cosmetics, cleaning, as well as branded clothing. Origin by Ocean team has proven us to have unique and innovative technology and an end-to-end sustainable way to replace today’s emitting and toxic products. We are excited about the business opportunity this presents and the potential impact on the chemical industry,”Inka Mero, Managing Partner at Voima Ventures, comments.
- With its unique approach and the fresh funds, Origin by Ocean is paving the way for a more sustainable future in the chemical industry worth $4.7 trillion.