FlexSea, a biotech company that develops seaweed derived plastic products, has raised €2.3 million ($2.4 million) in equity led by ocean and tech focused venture capital firm Indico Capital Partners.
FlexSea develops seaweed derived bioplastic films, pellets and polymers.
"The company uses cultivated red seaweed and is working closely with seaweed farmers in Southeast Asia, east Africa and south America," FlexSea CEO and co-founder Carlo Fedeli told IntraFish.
"The seaweed we use is cultivated at scale and the species we use allow our materials to achieve superior characteristics, including a solid barrier to oxygen and smell.
