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European seaweed packaging start-up B’Zeos has successfully closed a seed funding round, bringing its total equity and grant funding to more than €5 million.
The round was led by Faber, with participation from ICIG Ventures, the venture capital unit of International Chemical Investors Group (ICIG).
It adds to previous funding from pre-seed biotech investor Biotope and ocean-tech accelerator Sustainable Ocean Alliance, as well as public and private grants provided by the Research Council of Norway, Global Seaweed Coalition, Innovation Norway and the Eureka Network’s Eurostars programme.
B’Zeos’ strategic partnerships with Faber and ICIG will support the company in accelerating product development and initiating commercial production for corporate partners, aiming to meet industry demand for sustainable packaging solutions.
ICIG, a privately owned industrial group with an interest in biotechnology and novel materials, will provide expertise in compounds to help B’Zeos fine tune its products and increase production.
B’Zeos’ seaweed-based solutions are fully bio-based and home-compostable. They are also compatible with existing packaging production lines. Thanks to the versatility of the seaweed-based material, the start-up is able to provide a range of applications, catering to a broad range of sectors including food and beverage, to address diverse packaging needs.
Seaweed’s rapid growth rate, ability to sequester CO2, and lack of dependence on land or fresh water without releasing microplastics, make it an ideal material for sustainable packaging, the start-up said.
“We’ve developed a truly sustainable seaweed-based packaging solution, derived from a variety of seaweed species,” commented Guy Maurice, B’Zeos’ founder and 'SeaEO'. “We're not just focused on developing an eco-friendly solution; we are providing an industry-ready, scalable alternative for packaging manufacturers globally.”
The viability and scalability of B’Zeos’ packaging has been validated in five pilots to date, in collaboration with industry partners including Nestlé. The company will participate in additional pilot schemes to further demonstrate value, with the potential of reaching a shop test with partners.
Funding raised in the seed round will enable B’Zeos to expand on its technology readiness level (TRL) and bring it further from TRL7 to TRL8.
Top image: © B'Zeos
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