FlexSea, a British biotech startup that develops seaweed-derived bioplastic, has raised EUR 2.3 million (~USD 2.4 million) in an equity seed funding round led by Indico Capital Partners. Other investors in the round included RedRice Ventures, Btomorrow Ventures, Food Foundry, Vala Capital, ICON Capital, and Pente Capital.

The funding will be used to support FlexSea’s team in the UK and Portugal to develop and commercialize its product and expand its presence in the market.  

Founded in 2021, FlexSea develops bioplastic materials derived from seaweed, which are completely biodegradable in marine and soil environments and are also home-compostable within eight to 12 weeks. The use of seaweed allows a fast material turnover and efficient and sustainable raw material transformation. The company's products are meant to be used in both dry food and non-food applications and offer a sustainable alternative to traditional plastics.  As of date, the company is yet to commercialize its products.