Fremantle Seaweed, a Western Australian climate tech startup, has successfully secured nearly $2.3 million in a seed funding round to advance its mission of reducing livestock methane emissions. The capital, primarily raised through an OnMarket crowdfunding campaign that attracted 655 investors, will fuel the expansion of its asparagopsis seaweed cultivation. This strategic investment underscores the growing market confidence in natural solutions to combat significant agricultural greenhouse gases.
Strategic Funding for Expansion
The company raised $2.17 million from its crowdfunding effort, which was supplemented by a strategic investment from Third Hemisphere's investment arm. This funding round, based on an $11 million pre-money valuation, provides the catalytic capital needed for significant operational scaling. The funds are earmarked for expanding the company's hatchery, nursery, and processing facilities while also developing proprietary ocean technology for planting and harvesting.
Ambitious Growth and Commercial Trials
Looking ahead, Fremantle Seaweed aims to extend this seed round to a total of $6.5 million by attracting sophisticated investors. A key objective is to secure a 3,000-hectare aquaculture lease in Cockburn Sound, establishing a large-scale "North-West Hub." The company is also launching a 13-month trial with Pardoo Wagyu, utilizing 1,500kg of its product to demonstrate its efficacy in a commercial feedlot setting.
A Growing Market for Climate Solutions
Fremantle Seaweed operates within a burgeoning sector focused on asparagopsis, a native red seaweed proven to reduce enteric methane from cattle. The startup joins other prominent players like the recently-listed Sea Forest and CSIRO-backed FutureFeed in this competitive landscape. This industry momentum reflects a critical push to address the estimated 10% of Australia's total emissions that originate from the livestock sector.
Investor Confidence and Regional Impact
Managing Director Chris De Cuyper highlighted the project's potential to abate nearly one million tonnes of CO₂-equivalent emissions annually, emphasizing a shared purpose with farmers. Investor Annie Hill of Hill Tribe Family Office praised the team's conviction in tackling one of agriculture's most difficult challenges. She noted the investment supports not just climate impact but also regional renewal and skilled job creation in Western Australia.
This successful capital raise marks a pivotal moment for Fremantle Seaweed, enabling the company to transition from research and development to commercial-scale production. With strong investor backing and a clear strategic roadmap, the startup is well-positioned to become a key player in the global effort to create a more sustainable agricultural industry. The expansion will be crucial in meeting the growing demand for effective, natural climate solutions.