Cascadia Seaweed has raised CAD$4 million (USD$2.86 million) in a Series A funding round. The company plans to use the funding to build a commercial-scale seaweed biorefinery on the West Coast, increase biomass production, and expand sales and marketing of its liquid kelp extracts, biostimulants, and livestock products.
The British Columbia-based company is known for sustainably cultivating large quantities of high-quality seaweed (kelp) on low-impact ocean farms owned by First Nation communities. Cascadia then transforms the seaweed into products for land-based farmers looking for regenerative solutions to increase crop yields and livestock productivity, while reducing agricultural emissions.
The urgency for adopting new technologies that reduce emissions and improve food security is well recognized in the face of global changes in precipitation, temperature and other stressors. Seaweed-based biostimulants and livestock feed supplements offer natural, scalable solutions reducing the need for chemical products and reducing agricultural emissions. Additionally, ocean-cultivated seaweed provides valuable ecosystem services, improving the oceans in which it is grown.
Funding for the Series A was provided by WWF Impact (the impact investing arm of World Wildlife Fund US), Vere Ventures, Potato Impact Partners, VertueLab Climate Impact Fund, Realize Impact, the Real Estate Foundation of British Columbia, Norfolk Green Ventures and other investors. Cascadia aims to secure the remaining funds to reach its $7 million Series A target.
“Cascadia’s model provides benefits to our oceans, our environment, coastal communities, and can help mitigate climate change,” said Paul Dobbins, Vice President of Impact Investing and Ecosystems Services, Aquaculture at WWF-US. “When scaled, cultivated seaweed can also reduce the footprint of our global food system by providing a nutritious source of food and livestock feed with less land and resource inputs.”
In just five years, Cascadia Seaweed has secured more than $18 million in equity and non-dilutive capital to design, develop, and advance technologies in its value chain, making regenerative products for crops and livestock that improve outcomes for farmers, particularly in the face of climate change impacts.
“We’ve built a vertically integrated business that delivers real environmental and economic benefits, and this funding will enable us to scale up and provide surety of supply of innovative inputs to our customers while contributing to more resilient food production in North America,” Michael Williamson, CEO of Cascadia Seaweed.
