Spanish food tech company Poseidona has raised €1.1 million in a pre-seed funding round, with the aim of further developing its innovative and sustainable algal protein ingredients.
The round was led by climate tech and blue economy VC fund Faber. Other participants included Dozen Investments, Sprout & About, Proveg International, and WA4STEAM (Women For STEAM).
Poseidona uses algal sidestreams and invasive seaweeds to create cost-effective proteins with significantly lower water use, land use, and carbon emissions than animal-based or conventional plant-based proteins. Currently, the company is focusing on side streams from the production of gellifiers, but it also plans to begin using Rugulopterix Okamurae, an invasive seaweed in the Mediterranean. This will contribute to the management of marine ecosystems, and could be expanded to use invasive seaweed species globally.
The new funding will be used to accelerate Poseidona’s R&D and bring the company’s protein ingredients to market.
“Disrupting traditional food production”
Poseidona was founded by circular foods protein specialist Dr. María Cermeño, who is the company’s Chief Scientific Officer, along with seasoned food tech entrepreneur Sònia Hurtado, who is the CEO. Hurtado previously co-founded San Francisco-based alt seafood company Current Foods.
Last year, Poseidona participated in the ProVeg Incubator, pitching at its Demo Day on December 14. The company was also included in the 2023 cohort of the Spain Foodtech Startups Program, and Hurtado was among the top ten finalists in the 2023 VWS Pathfinder Virtual Pitch Competition. Additionally, Poseidona took part in a pitch event hosted by alt protein investment platform Vevolution last July.
“This pre-seed funding round marks a significant milestone for Poseidona as we continue to pioneer sustainable solutions in the protein sector,” said Hurtado. “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.”
