Poseidona raises €1.1m to bring algal protein to market

Poseidona, a food-tech company based in Spain, has raised €1.1m in pre-seed funding to support the development of protein ingredients derived from algal sidestreams and invasive seaweeds.

The round was led by European venture capital fund Faber, which specialises in climate technology. The round also includes Dozen Investments, Sprout & About, ProVeg International and Women Angels For STEAM. According to Poseidona, the funding injection will be instrumental in advancing its mission to develop algal protein ingredients that can offer a scalable and eco-friendly solution to the global increasing demand for proteins.

The start-up aims to offer a sustainable and cost-efficient alternative to soy-based protein, reducing the environmental footprint associated with traditional soy farming practices and adopting a circular economy approach that repurposes food industry byproducts.

In particular, Poseidona is leveraging gellifiers production sidestreams from red seaweeds and will start utilising Rugulopterix okamurae, an invasive seaweed species in the Mediterranean, as a raw material. By repurposing this species, it can support the management of marine ecosystems in the region while providing a sustainable protein source.

Poseidona was founded by María Cermeño, a circular foods protein specialist with a PhD in food biochemistry; and Sònia Hurtado, an entrepreneur with over 20 years of experience in food-tech, including being co-founder of plant-based seafood company Current Foods.

Hurtado commented: “This pre-seed funding round marks a significant milestone for Poseidona as we continue to pioneer sustainable solutions in the protein sector. We are grateful for the support of our partners, investors and advisors who share our vision of creating a more sustainable future for our planet and our oceans, disrupting traditional food production.”

Supported by this recent funding raise, Poseidona plans to accelerate its research and development efforts and bring its protein ingredients to market.