FlexSea, a blue biotech firm with offices in London and Lisbon, has raised €2.3 million in a seed round of financing. In addition to RedRice Ventures, Btomorrow Ventures, Food Foundry, Vala Capital, ICON Capital, and Pente Capital, the current round is being managed by Indico Capital Partners.
Taking into consideration an additional €1.5 million in awards from Innovate UK and other groups, FlexSea raised a total of roughly €3.5 million. The company’s teams have offices in the UK and Portugal, where the funds will be used.
Over 12 trillion barrels of crude oil are needed to make 380 million tons of material per year, which powers the world’s plastic consumption. Most of the packaging materials are not recycled and are only one use. Ultimately, up to 12 million tons of plastic goes into the ocean each year; that is the equal of one garbage truck’s worth of plastic thrown into the water every minute.
FlexSea’s CEO and co-founder, Carlo Fedeli, said: “This investment will allow us to make significant progress and penetrate the market effectively. Indico has a significant track record of closely backing founders and we are very happy to work together and with our other investors to take FlexSea to the next level.”
Bioplastic films and stiff technologies from FlexSea were created to permanently change that. They are completely biodegradable in soil and marine environments, and they can be compost at home within 8 to 12 weeks. They are meant to be utilized in dry food and non-food applications.
Co-founder and CTO Thibaut Monfort, commented: “This is a turning point for the company as an entity and a great reward for the hard work and dedication of the whole team of 10 amazing people who will benefit from this funding in their everyday research and development activities. We are heavily investing in equipment and machinery for in-house R&D, speeding up the process tremendously.”
FlexSea, a company founded in 2020, seeks to introduce the world to the packaging of the future with its innovative biopolymer materials made from kelp and other naturally gathered, sustainably sourced goods. A container that is made to hold, safeguard, and protect its contents only while those things are still around.