
Seaweed Solutions
Enables large scale ocean farming of seaweed.
Date | Investors | Amount | Round |
---|---|---|---|
- | investor | €0.0 | round |
investor | €0.0 | round | |
* | €4.4m | Early VC | |
Total Funding | 000k |
EUR | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
---|---|---|---|---|---|---|---|
Revenues | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
% growth | - | (31 %) | 151 % | 30 % | (8 %) | 415 % | (53 %) |
EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
% EBITDA margin | (395 %) | 756 % | 391 % | (287 %) | (558 %) | - | - |
Profit | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
% profit margin | (411 %) | 723 % | 319 % | (408 %) | (687 %) | (205 %) | (378 %) |
EV | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
Source: Company filings or news article
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Seaweed Solutions is a Norwegian company that has evolved to become a specialized supplier of high-quality seaweed seeds and cultivation genetics. The company was established in 2009 by Pål Bakken, who drew inspiration from his early life harvesting wild seaweed on the Norwegian island of Frøya and his subsequent experience in Asia's seaweed industry. This experience in Japan and with his family's seaweed factory provided him with a deep understanding of both traditional harvesting and modern cultivation, leading him to pioneer seaweed farming in Europe.
The founder's journey is central to the company's trajectory. Pål Bakken, with a background in finance and marketing, identified the untapped potential for a large-scale seaweed market in Europe, a stark contrast to its prevalence in Asia. In 2010, he was joined by Jon Funderud, a marine biologist with experience from the world's largest seaweed cultivation area in China's Sanggou Bay. Funderud, now the CEO, and Bakken together established Norway's first seaweed farm. This initial phase was marked by significant research and development, including testing offshore cultivation systems in challenging open-ocean environments across Europe, from Portugal to northern Norway.
Initially, Seaweed Solutions (formerly Seaweed Energy Solutions AS) focused on the entire value chain, from hatchery and cultivation to processing, entering the food market by 2016. However, after more than a decade of comprehensive operations and over €20 million invested in R&D, the company has strategically shifted its focus. Today, Seaweed Solutions concentrates on what it excels at: seed production and genetics. The company's business model is now centered on supplying other seaweed farmers and industry partners with premium starting materials—seeded lines and cultures for species like Saccharina, Alaria, and Laminaria. This enables cultivators to begin growing with minimal effort and enhances their growth, quality, and profitability. Revenue is generated through the sale of these high-quality seeds and tailored services, empowering partners to unlock seaweed's potential for diverse applications, including food, feed, bioplastics, and environmental sustainability.
Keywords: seaweed cultivation, aquaculture technology, seaweed seeds, marine biotechnology, sustainable aquaculture, seaweed genetics, macroalgae, kelp farming, marine biology, cleantech, seaweed nursery, blue economy, Pål Bakken, Jon Funderud, European seaweed industry, offshore farming, Saccharina, Alaria, Laminaria, sustainable food source, bioplastics feedstock