INSIGHTS / News

Following on from the success of their B Corp Certification in late 2023, Kelpi has now secured £4.35m investment to take its pioneering biomaterial technology to market.

The Bristol-based company and former SETsquared Scale-Up Programme member is developing a unique biomaterial from seaweed, a move which will see supermarket shelves shift from single-use plastic packaging to more sustainable alternatives.

Seaweed can significantly contribute to combating climate change by absorbing carbon emissions, regenerating marine ecosystems, and serving as a feedstock for renewable bioplastics. As it grows, it absorbs and stores carbon, while simultaneously de-acidifying and re-oxygenating the ocean.

Kelpi harnesses the power of seaweed to create unique biopolymers, which are then used to manufacture its bioplastic coatings for use across retail. Consequently, each piece of packaging made from seaweed reduces the demand for fossil fuels and lowers carbon dioxide emissions.

This investment round was led by Blackfinch Ventures, with funding from Green Angel Ventures, Kadmos Capital, QantX, Evenlode Foundation and the South West Investment Fund as well as follow-on investment from Bristol Private Equity Club (BPEC), One Planet Capital and several private angel investors. Initially aiming to secure £3 million in equity investment, Kelpi exceeded its goal by raising £4.35 million (US $5.5m), marking a notable achievement for the company.

The investment represents a significant step forward for Kelpi as it continues to scale its team, gain regulatory approval for its coating for paper and cards, and commercial rollout of its biomaterial for packaging.

Kelpi has previously secured funding through the Innovate UK-led Investor Partnerships Future Economy Programme – an investment scheme supported by SETsquared to help innovators raise non-dilutable grant funding alongside angel co-investment.

Neil Morris, CEO, Kelpi said, “This landmark investment enables Kelpi to scale up our pioneering work and take to market our world-leading packaging material that is already being chosen by clients.”

“Kelpi can now play a key role in ending our dependence on fossil fuels to create single-use packaging and so eliminating a major source of plastic pollution. We’re delighted to receive this backing from investors like Blackfinch and Green Angel Ventures to allow us to accelerate our pioneering work.”

Dr Reuben Wilcock, Head of Ventures, Blackfinch, added: “Kelpi stood out to us as a strong combination of world-leading scientific innovation with extensive entrepreneurial experience. Their technology has immense commercial potential and we’re excited to be backing the company to scale up and go to market.”

Cam Ross, CEO, Green Angel Ventures, continued, “We’ve been consistently impressed with Kelpi’s team and technology, and their pioneering approach to developing biopolymers from renewable feedstocks like seaweed. At scale, the Kelpi approach will play a vital role in reducing fossil fuel dependency, addressing climate change and impacting on plastic pollution.”

Kelpi is one of 15 companies joining us at this year’s GCV Symposium in London on 25 & 26 June.

Find out more about Kelpi and the other companies exhibiting this year