The foodtech company Nordic SeaFarm raises EUR 2 million – aim for European leadership in seaweed

The global market for seaweed is large: about USD 16 billion and it is expected to grow rapidly by about 11% per year. One of the actors driving the development forward in Scandinavia is Nordic SeaFarm, which has developed a unique method for growing plant-based crops scalable in the sea. The company has now raised new capital to be able to gear up and meet the increasing demand. The goal is to be the largest in Europe within five years.

- “As part of Kale United's strong expansion, we are investing in new plant-based sources of food. We have long searched for companies globally that work with new crops from the sea and finally found our favorite, which is also in Sweden. It feels very exciting to be part of this journey and perhaps use their raw material in some of our portfolio companies.” says Måns Ullerstam, CEO of Kale United.

Nordic SeaFarm currently sells the organic products sugar kelp and sea lettuce to several of Sweden's leading Michelin restaurants and food producers. The seaweed is mainly used as a climate-friendly seasoning and nutritional booster, and the company foresee an increasing demand for plant-based products from the sea.

- Utilizing the potential of the sea and making use of seaweed as a plant based crop from the ocean will play a major role in the transition to a more sustainable food production. With the new capital, we can drive a blue revolution and expand the cultivation capacity at sea from the current 30 tonnes to over 300 tonnes per year, accelerate our product development and make the products available to a wider audience. We are very happy to bring in strong and passionate owners who not only contribute capital, but also solid experience of developing tomorrow's food products, says Simon Johansson, CEO of Nordic SeaFarm.

The seaweed industry - great future potential

Even though the largest producers are found in Asia today, Nordic SeaFarm is convinced that there is plenty of room for more European producers, given the increased demands that exist today for higher traceability and proven sustainable production methods. The cold and nutrient-rich waters of the North Sea gives the company unique conditions for efficiently growing seaweed with high quality and scalability compared with other European countries.

Seaweed is a fantastic crop that can create value in many different ways. In addition to food, there is potential to grow in other segments such as animal feed, bioplastics and skin care. Today, Nordic SeaFarm is a foodtech company, but the company sees great opportunities to broaden its offering in the future.

Nordic SeaFarm was founded in 2016 by leading experts in marine biology from the University of Gothenburg and the Royal Institute of Technology. The company's strong connection to research and development is, and will continue to be, an important foundation when more seaweed species are to be introduced on Swedish sea farms. The company recently received permission to cultivate in the ocean for about 29 hectares, which enabled the rapid upscaling that is now ongoing.