Espoo-based Origin by Ocean, a company that rids the oceans of harmful algae and turns them into everyday consumer goods, announced on Wednesday, April 26, 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.
Investors in this round
€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 commercialise the process.
Inka Mero, Managing Partner at Voima Ventures, says, “To preserve the planet, we need sustainable bio-based solutions to our everyday life like daily cosmetics, cleaning, as well as branded clothing.”