# Algenesis

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/algenesis

- Industry: Materials
- Headquarters: US
- Website: www.algenesismaterials.com/about-algenesis
- Total disclosed funding: $5M
- Latest round: Seed (Apr 28, 2023)
- Investors on record: 3

## About

Based in California, US, and founded in 2016, Algenesis Corp operates as a material science and technology company that develops and manufactures algae-based biomaterials like its patented Soleic biodegradable plastic material. The company was founded by its CEO Stephen Mayfield. In October 2023, Algenesis Corp. raised USD 5 million in seed funding co-led by Circulate Capital, First Bright Ventures, MIH Ventures, and RhinoShield.

The firm develops Soleic biodegradable plastic using algae which is used for making various products. The biomaterial-based plastic developed by the company is used by Blueview which is a biodegradable footwear brand owned by the company. The footwear offered by the company biodegrades under aerobic composting conditions. The material offered by the company is used in the making of rigid foams for surfboards and soft foams for footwear.

The firm plans to use the October 2023 funding to expand its Soleic product line into waterproof textiles and injection-molded products and strengthen its supply chain.

## Funding rounds

- Seed, Apr 28, 2023, $5M — Circulate Capital, MIH Ventures, First Bight Ventures

## Investors

- Circulate Capital (https://capitalatlas.ai/funds/circulate-capital) — Seed
- MIH Ventures (https://capitalatlas.ai/funds/mih-ventures) — Seed
- First Bight Ventures (https://capitalatlas.ai/funds/first-bight-ventures) — Seed