Cascadia Seaweed, North America ’s largest grower and processor of agricultural seaweed-derived products, is pleased to announce the successful closing of its first Series A funding round, raising C$4 million, with investments from 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 valued investors. With this funding, Cascadia Seaweed will build a commercial-scale seaweed biorefinery on the West Coast, increase biomass production , and expand sales and marketing of its liquid seaweed extracts, biostimulants , and livestock products.
“ We are delighted with the support from new and existing investors ,” said Michael Williamson , CEO of Cascadia Seaweed. “ We have built a vertically integrated business that delivers real environmental and economic benefits, and this funding will enable us to scale and ensure the supply of innovative inputs to our customers, while contributing to more resilient food production in North America .”
This milestone marks an important step in the rapidly growing global algae industry. Cascadia Seaweed is looking to raise the remaining funding to reach its Series A target of $7 million.
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Based in British Columbia, Canada, Cascadia Seaweed is focused on transforming sustainably farmed seaweed into premium products for land-based farmers seeking regenerative solutions to increase crop yields and livestock productivity while reducing agricultural emissions. Cascadia Seaweed is globally recognized for its expertise in growing large quantities of high-quality seaweed (kelp) on low-impact ocean farms in partnership with coastal First Nations and converting it into agricultural products. Each of its eight farms is owned by a First Nations community, with benefits flowing back to local communities.
“ Cascadia’s model provides benefits to our oceans, our environment and coastal communities, and can help mitigate climate change ,” explained Paul Dobbins , Vice President of Impact Investment and Ecosystem Services, Aquaculture at WWF-US. “ When deployed on a larger scale, farmed algae can also reduce the footprint of our global food system by providing a nutritious source of food and feed for livestock with less land and resource inputs .”
In just five years, Cascadia Seaweed has raised over $18 million in equity and non-dilutive capital to design, develop and advance technologies across its value chain, manufacturing regenerative crop and livestock products that improve farmer outcomes, particularly in the face of the impacts of climate change.
The urgency to adopt new technologies that reduce emissions and improve food security is well known in light of global changes in rainfall, temperature and other stressors. Seaweed-based biostimulants and livestock feed supplements offer natural, scalable solutions that reduce the need for chemicals and agricultural emissions. In addition, ocean-grown seaweed provides valuable ecosystem services, improving the oceans in which it grows.
SOURCE: PRNewswire