Nordic Seafarm raises $ 2 million in the latest round of funding
Nordic Seafarms investors include JCE Ventures, Almi Investand Kale United, as well as business angels such as star chef Thomas Sjögren and board member Magdalena Gerger. The company is scaling up its farms on Sweden’s west coast and hopes to become Europe’s largest producer of plant-based seafood.
Aquaculture is an increasingly important source of safe, nutritious and sustainable seafood for people all over the world. Globally, aquaculture production must double by 2030 to keep pace with demand. These increased demand for aquaculture products, considerations of food safety and job creation have created an increased need for skilled labor.
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The global seaweed market is large, about $ 15.6 billion, and it is expected to grow rapidly by about 11 percent per year. Nordic Seafarm hopes to take advantage of this potential and has developed a unique method for growing plant-based crops in the sea. With this cash injection, the company will equip to meet the rapidly growing demand for sustainably grown seaweed. According to a press release from the company, the goal is to become the largest seaweed producer in Europe within five years.
“Nordic SeaFarm has a unique competence and cultivation method that enables a scalability that we believe will benefit both the company’s development and have a positive sustainability contribution to the planet. As long-term investors, we are pleased to be part of another investment in foodtech and sustainable development “, says Sofia Karlsson, Investment Director at JCE.
Nordic Seafarm currently sells sugar kelp and sea salad to several of Sweden’s leading Michelin restaurants and food producers. Star chef Thomas Sjögren, who runs restaurants near the company’s sea farm outside Fjällbacka, became interested after testing the product at his restaurant.
“It really started a year ago when I contacted them to find a collaboration. One led to the other and now I decided to invest. I believe in this both from an environmental point of view, but also because the raw materials will need be used more in the future, says Thomas Sjögren.
The potential for the seagrass industry
Even though the major manufacturers today are in Asia, Europe is trying to enter the market. Consumers’ demands for higher traceability and sustainable production methods strengthen Europe’s seaweed producers when they come online. The cold and nutrient-rich waters of the North Sea provide unique conditions for growing seaweed efficiently with high quality and scalability compared with other European countries.
Utilizing the potential of the sea and using seaweed as a raw material will play a major role in the transition to more sustainable food production. With the new capital, we can drive a blue revolution, expand the capacity for offshore farming from the current 30 tonnes to over 300 tonnes per year, accelerate our product development and make our products available to a wider audience. We are very happy to have strong and passionate owners who not only contribute capital, but also solid experience of developing tomorrow’s food products, ”says Simon Johansson, CEO of Nordic SeaFarm.