Using robotics & AI to scale blue carbon capture via sustainable seaweed farming.
Business overview
| Location | London, United Kingdom |
|---|---|
| Social media | |
| Website | www.samudraoceans.com |
| Sectors | Data & Analytics Mixed Digital/Non-Digital B2B |
| Company number | 14470952 |
| Incorporation date | 8 Nov 2022 |
Investment summary
Business highlights
- £800K+ raised: Equity+Grants+Loans (ESA, WREN) in 1.5yrs
- Secured first 4 paying customers
- $100K+ Carbon revenue-Kiloton Fund,Shopify,Wren.co
- Earthshot Prize nominee, The Fish Site, TIMES, BBC
Key features
Pitch
About the Campaign
We’re on a mission to transform blue carbon capture & sustainable aquaculture with advanced robotics/AI that enhances seaweed farming efficiency. Join us in driving a transformative venture where sustainability meets the potential for substantial growth. Together, we can work to create lasting impact and shape a better future.
Market Opportunity
We believe that Samudra is positioned in a thriving market. The global carbon market could reach as much as $50bn by 2030 according to the Taskforce on Scaling Voluntary Carbon Markets (2021). Blue carbon credits could have significant potential as part of a rise in global demand.
The global seaweed market is projected to reach $16bn by 2033 (Seaweed Market Research by Allied Market Reseach, 2023), with a broad range of uses from food to construction.
Traction & Key Accomplishments
Samudra has raised over £800,000 in equity and loans from VCs like Britbots, British Design Fund, and angel investors, and grants by ESA.
As an Earthshot Prize nominee, we’ve secured 4 paying customers, two of whom have bought carbon credits, and have already had a repeat customer. We count Shopify as one of our customers through the Kiloton Fund Carbon Removal Investment programme.
In just 18 months, we developed a TRL-8 product*, grew & sold 12 Tonnes of seaweed in 2023-24, and now growing seaweed in our own 110 Ha Sea farm located at Oban, Scotland.
We’re also recognized as an Earthshot Prize 2024 nominee and featured by The Times UK and BBC.
*TRL 8 technology has been tested and “flight qualified” and it's ready for implementation into an already existing technology or technology system.
Use of Funds
40% for product development and R&D on our Flatpack sea farm solution.
30% will support operational scaling at our Oban sea farm.
20% for marketing to attract customers.
10% for administrative costs. Our aim is for this investment to drive growth, capture market opportunities, & reduce future financing needs.
Key Information
Outstanding Debt
The company has the following loan:
A senior unsecured bridge loan of $32,000 by Maroon Invest Global, with a 15% interest rate. This is due to be repaid on 1st August 2025.
If the funds are not repaid on this date, the investor is entitled to conversion of accrued outstanding amount on the loan into equity at round valuation for 1%.
The funds raised in this round will not be used to repay this loan.
EIS Tax Relief
The company has recently applied for HMRC Advance Assurance to confirm they are able to offer EIS tax relief on investment in the round.
As they have not yet received confirmation, the campaign is not currently marked as EIS eligible. We will update investors once a response is received from HMRC.
Outstanding Convertible Loans
The company has the following outstanding convertible loans, which may convert to equity after this round and dilute existing shareholders:
1. £15,000.00 advance subscription funds from an individual was received by the Company, which was signed on the 16th April 2024, with the following key terms:
- Interest rate: N/A
- Conversion triggers:
- will convert whenever a Financing Round of £1,000,000 or higher happens in the future;
- after the Longstop Date occurs, conversion will only trigger at a Financing Round; or
- on a Sale, IPO, or dissolution event.
- Conversion price:
The Longstop Date has passed and therefore:
(c.1) if the Financing Round occurs in less than 1 year from the date of signing the Subscription Agreement, Conversion will occur at a 15% discount on the Conversion Price; or
(c.2) if the Financing Round occurs in more than 1 year from the date of signing the Subscription Agreement, Conversion will occur at the valuation cap of £5Mn,
except where a Sale, IPO or Dissolution Event occurs before the Financing Round, Conversion will occur without the discount or at the valuation cap.
- Valuation Cap: £5Mn
- Share class: EIS Compliant Ordinary Shares
2. £19,750.00 advance subscription funds from a corporate entity was received by the Company, which was signed on the 29th January 2024, with the following key terms:
- Interest rate: N/A
- Conversion triggers:
- will convert whenever a Financing Round of £1,000,000 or higher happens in the future;
- after the Longstop Date occurs, conversion will only trigger at a Financing Round, however at a 1% discount on the Conversion Price; or
- in the event of a Sale, IPO or Dissolution Event.
- Conversion Price: the Longstop Date has passed and therefore upon a Financing Round the Conversion Price will be at a 1% discount (except where a Sale, IPO or Dissolution Event occurs before the Financing Round, Conversion will occur without the discount);
- Valuation Cap: N/A
- Share class: EIS Compliant Ordinary Shares
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