Finnish start-up Origin by Ocean has raised €7.5 million to pioneer sustainable, algae-based alternatives to traditional oil-based chemical solutions to detoxify the chemical industry.
Today, the chemical industry's oil-based and toxic ingredients are used in a variety of global industries, including cosmetics, agriculture, consumer goods, and textiles. Origin by Ocean offers alternative solutions that surpass traditional chemical products in sustainability and performance. The biorefinery-based production chain is genuinely sustainable, sourcing resources from areas affected by eutrophication and creating new economic prospects.
“Origin by Ocean's various algae-based solutions and ingredients can replace crude oil as a raw material in many products. Our unique problem-solving approach is to convert both harmful invasive and sustainably farmed algae into value-added ingredients. Hence, we’re solving two problems: producing sustainable ingredients for our global consumer brand customers and cleaning up coastal areas affected by invasive algae,” Mari Granström, CEO and founder of Origin by Ocean said.
Cosmetics, detergents, food, and textiles can all benefit from the company's value-added functional ingredients.
Using seed funding totaling €7.5 million, Origin by Ocean is developing an algae refinery plant on an industrial scale. In addition to Voima Ventures and Lifeline Ventures, Batofin and Security Trading also contributed €3 million in the equity round. Furthermore, Business Finland provided a €4.5 million loan to pilot industrial-scale algae refining and commercialize it.
Inka Mero, Managing Partner at Voima Ventures, commented, "To preserve the planet, we need sustainable bio-based solutions to our everyday life like daily cosmetics, cleaning, as well as branded clothing. Origin by Ocean team has proven us to have unique and innovative technology and an end-to-end sustainable way to replace today’s emitting and toxic products. We are excited about the business opportunity this presents and the potential impact on the chemical industry. "
According to the European Union's Blue Bioeconomy Strategy, marine eutrophication is projected to wipe out much marine life by 2050. Aiming to end marine eutrophication in the long term, Origin by Ocean is taking concrete steps to achieve this goal by converting harmful algae into beneficial chemical ingredients.
Origin by Ocean is paving the way for a more sustainable future in the $4.7 trillion chemical industry.