Seaweed feed additive maker Symbrosia has raised $7 million in a Series A funding round led by Danone Manifesto Ventures, the corporate venture arm of Danone.
The startup, based in Hawaii, has developed a seaweed feed additive that reduces livestock methane emissions by over 80% by using seaweed strains that are more productive, potent and resilient.
The company will use the capital to scale the production of these seaweed strains and bring their livestock feed additive, SeaGraze, to market-leading brands and producers.
Founder and CEO of Symbrosia, Alexia Akbay, said, “This Series A funding round marks a critical inflection point where we shift our focus to bringing this innovation to market at scale, as quickly as possible, with strategic partners in Hawaii, California, and the Pacific Northwest.
“The support from Danone Manifesto Ventures and our other investors, existing and new, will enable us to increase seaweed production by a factor of 1,000, round out our team expertise with strategic hires, and put SeaGraze in the hands of visionary companies and livestock producers to create the world’s most sustainable livestock supply chains. Now is our moment to take action on methane.”
Carbon-Neutral Supply Chain
The investment aligns with Danone’s goal of becoming carbon neutral across its full value chain by 2050.
Additional investors in the funding round include previous seed investors, Pacific6 and HATCH, new investor, Presidio Ventures, and new Hawaiian investors, Kamehameha Schools and Mana Up, along with individual local investors, farmers, and seaweed enthusiasts.
Jean Prevot, vice-president of operations and sustainability at Danone Manifesto Ventures added, “We are thrilled to be partnering with Alexia and the Symbrosia team. We are impressed by the drive and passion they have to meaningfully address climate change through the reduction of livestock methane emissions.
“Given Danone’s leadership in the global dairy industry, this investment also complements our portfolio of strong solutions to help us and our partners achieve carbon neutrality across our value chain by 2050.”
Read More: Danone, Unilever, L'Oréal Among Firms Earning 'Triple A' Scores On CDP Environmental List
© 2022 European Supermarket Magazine – your source for the latest supply chain news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
