Gothenburg-based Nordic SeaFarm, which grows and processes seaweed for various uses, making it accessible to everyone, has secured €2.2 million (25 million SEK) to scale up ocean cultivation in Europe and improve R&D potential. The funding round was led by EIT InnoEnergy and the Inter IKEA Group.
- Founded in 2016 by Fredrik Gröndahl, Henrik Pavia, Elisabet Brock, Gunilla Toth, Göran Nylund, and Gunnar Cervin, Nordic SeaFarm sustainably cultivates high-quality seaweed and collaborates with partners to develop innovative products and services across the entire value chain.
- Nordic SeaFarm operates Sweden's largest seaweed farm in the pristine waters near Fjällbacka on the west coast, where it cultivates sugar kelp and sea lettuce. The startup contributes to healthier oceans by enhancing marine biodiversity and sequestering excess nutrients.
Details of the deal
- The fresh funding was led by EIT InnoEnergy, which supports innovations in energy storage, renewables, and smart grids. Its portfolio of over 200 companies is expected to generate €110 billion in revenue and save 2.1G tonnes of CO2e by 2030.
- The round was also led by the Inter IKEA Group, renowned for its expertise in furniture and home furnishings manufacturing.
"Through our investments, we aim to support companies that are leading the next generation of recycled and renewable materials, and Nordic Seafarm’s dedication to pushing boundaries of research and development and their strong focus on sustainability and scaling exemplifies that goal," Innovation Ventures Manager at Inter IKEA Group, Robert Carleke, commented.
- The funds will be used to enhance R&D and expand ocean cultivation in Europe, addressing global demand for sustainable solutions such as replacing synthetic polymers in plastics and textiles, developing food ingredients, and supporting ocean restoration.
“We are thrilled to welcome InnoEnergy and Inter IKEA Group as key investors in Nordic SeaFarm. Their support not only validates our mission to make seaweed truly available to the masses, but also provides us with the resources and expertise needed to accelerate our growth and innovation, especially within future materials," CEO of Nordic SeaFarm, Simon Hilmersson, stated.
