The biotech startup, Origin by Ocean has received €7.5 million in investments to take its algae refining technology closer to industrial-scale production.
The Espoo-based startup develops algae-based ingredients that can be used to produce everyday goods. Origin by Ocean's process substitutes the toxic chemical ingredients used in textiles, food, and cosmetics with sustainable alternatives made from algae.
The total investment includes a 3 million seed round from Voima Ventures and Lifeline Ventures, Batofin and Security Trading and a €4.5 million loan from Business Finland.
Origin by Ocean is on a mission to clean the oceans from harmful algae and rewrite the origin story of many consumer products we use every day. To make the mission a reality, the company has set its sights on building an industrial-scale algae refinement plant. With the new funding, this goal is ever closer on the horizon.
Image: Origin by Ocean