Carbonwave, the leader in upcycling the largest seaweed bloom on the planet into ultra-regenerative, plant-based, advanced biomaterials, closed a $5 million Series A round of funding led by Mirova.
WHO: Carbonwave is the world's leading developer of ultra-regenerative, plant-based, advanced biomaterials from seaweed. The company transforms sargassum seaweed—a resource long considered waste, which does not need land or other inputs to grow—into biomaterials that can replace petroleum products and other harmful industrial inputs. Carbonwave is part of a new wave of companies building next-generation economies that will heal the planet through materials regeneratively sourced from our oceans.
The company has already developed Sarga Agriscience (Sarga Ag), a line of organic agricultural inputs made from Sargassum's liquid compounds that increase yields, allow crops to survive drought more effectively, and reduce the need for nitrogen fertilizer. Sarga Ag products are being tested for large-scale application by some of the leading corporate growers in the world. Carbonwave has already sold half a ton of its SeaBalance2000, the world's first seaweed-based cosmetic emulsifier named "Best Functional Ingredient" at In-Cosmetics Korea in 2022.
WHY: Funding will expand production capacity into high-value products that replace fossil fuel- and animal-based products in the cosmetic emulsifiers, agriculture, textiles, and plastics industries. Large-scale cosmetics emulsifier production facilities are planned in Puerto Rico to satisfy the growing customer demand for biomaterials.
IN THEIR OWN WORDS: "In three short years, we've become the first company to build a scalable cascading biorefinery to create a commercially sustainable operation harnessing Sargassum into high-value products," said Geoff Chapin, co-founder and CEO of Carbonwave. "Support from our investors and partners has allowed us to catalyze our proprietary technology and manufacturing process to turn the Caribbean's seaweed crisis into an economic opportunity and a climate solution. We are producing viable alternatives that redirect demand from fossil fuel-based products by cost-effectively developing a wide range of regenerative, low-carbon, and plant-based alternatives that global industries are seeking to advance their sustainability and decarbonization initiatives, while contributing to the bio-circular economy."
"Mirova, through the Sustainable Ocean Fund, is thrilled to continue its support for Carbonwave with this follow-on investment into the company," said Simon Dent, Head of Blue Investments at Mirova. "We believe that Carbonwave's processing of Sargassum into high-value products is an excellent example of the Blue Economy at work, whilst also providing a unique solution to help address decarbonisation."
"Our investment in Carbonwave reflects our ongoing commitment to supporting innovative nature-based solutions to mobilize positive action towards net-zero," said Eddie Listorti, CEO, Viridios Group. "Taking Sargassum seaweed, which would otherwise rot on beaches and release methane, and turning it into a range of sustainable products that can displace fossil fuel-based products from the marketplace is the type of innovation the world needs to tackle climate change."
"We believe in investing in initiatives that propel economic and social progress with a focus on efforts that drive a more sustainable future. We have identified in Carbonwave an opportunity to support an innovative solution that leverages a plentiful ocean resource in a manner that has a direct positive impact on our environment," said Ignacio Álvarez, President and CEO of Popular Inc.
"In our mission to build a world where a thriving ocean and economic development can exist in harmony, we are committed to investing in and helping to scale the most impactful ocean-tech startups," said Jonas Skattum Svegaarden, CEO, Katapult Ocean. "Carbonwave joins Katapult Ocean as part of a growing number of Katapult investments into the seaweed space. With increasing opportunities for seaweed's application and the growing potential of scalability for the industry, we are very excited to work with this highly talented team, and we look forward to the journey ahead both through our accelerator program and beyond."
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