INDUSTRY USE CASES
Oceanium
Oceanium is an impact business that develops and makes seaweed-based products to benefit people health and planet health and to enable the sustainable seaweed farming industry in the western hemisphere. Oceanium’s highly technical biorefinery process extracts maximum value from the seaweed producing in-demand, plant-based food and nutrition products and innovative materials.
Why Grant Advance funding
Oceanium has previously been financed with grant money from UK grant bodies and private investors and has raised over $10.5 million to date. Last summer, the team was awarded a grant from the European Union’s European Maritime and Fisheries Fund as sole grantee to kickstart the European seaweed farming industry by making the market for European farmed seaweed.
Under the European Union, businesses can apply to get 40% of their funding up front, however it is common for SMEs not to be eligible for this upfront funding at their early stage, meaning there can be some challenges with project period reimbursements and remittance timelines.
These factors contributed to Oceanium seeking non-dilutive working capital finance. That’s where Fundsquire’s Grant Advance funding comes in.
“Fundsquire solves one very significant problem, which is a funding gap, a bridge or working capital gap.”
The final word
John Seal, Oceanium’s CFO, came across Fundsquire while talking to colleagues in the market regarding alternative funding solutions for bridging capital. John was soon working with Jack Sparkes, Fundsquire UK National Sales Lead to get started on the Grant Advance funding for Oceanium.
John said, “Fundsquire solves one very significant problem, which is a funding gap, a bridge or working capital gap.” The funding helped Oceanium leverage its grant project and deliver on its work without having to dilute its equity.
As with many startups in a fast-changing environment, Fundsquire’s flexibility was vital for Oceanium and they were able to work to provide funding as quickly and efficiently as possible.
“We required working capital and working with Fundsquire was very helpful. Working with the team was simple and straightforward, with easy documentation and clear covenants which made it a really smooth process,” said John.
Have a question?
No business or path to growth is the same. if you have a question about which funding solution might be best suited to your business, get in touch with us today.