Origin by Ocean announced securing €2 million from Finnish investors including Kiilto Ventures, Moomin Characters Oy and KPMG Oy.
Origin by Ocean, an Ekenäs, Finland-based clean manufacturer of algae refined into bio-based raw material for hygiene and cleaning products, announced the completion of a seed investment round of €2 million ($2.2M).
The funding was provided by a range of investors from Finland, including the founders Mari Granström and Mikael Westerlund as well as Riitta Ekengren, Kiilto Ventures, Moomin Characters, along with all company’s senior advisors. KPMG, who has actively been involved in the project since the startas a financial adviser has also become a shareholder of the company
The money will be used to develop the biorefinery process of blue green algae and bladderwrack.
Origin by Ocean, founded in 2019 and led by CEO Mikael Westerlund, is working for the development of a biorefinery process that will be used to tackle the eutrophication problem of our oceans, starting from the Baltic Sea.
The company, which is still in the product development phase, uses harvested harmful blue-green algae and farmed bladderwrack as feedstock. Origin byOcean extracts valuable bio-based molecules from this feedstock for the use within food & beverage, cosmetics, hygiene, and pharmaceutical industries, at the same time significant amounts of eutrophicationcausing nutrients are removed. The algae based biomolecules that Origin by Ocean provides allows industry to improve the performance of numerous consumer products.