THE WHAT? Carbonwave has announced an initial closing of its US$5 million Series A funding round led by Mirova. Viridios Capital, Popular Impact Fund and Katapult Ocean also participated in the round.
THE DETAILS This latest investment brings total funding to date to US$12 milllion and will be used to build large-scale cosmetics emulsifier production facilities in Puerto Rico.
THE WHY? The new facilities will satisfy growing customer demand for biomaterials, Carbonwave said in a statement.
Geoff Chapin, co-founder and CEO of Carbonwave, explains, “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. 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.”
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