Seabin, a system for capturing maritime waste – including plastics – has smashed its fundraising goal of $1m in four days.
The goal is now to hit the $3m target before 19 March for full scaling of the company, operations and the technology.
The Seabin skims the surface of the water in marinas and ports by pumping water through the device. It can intercept floating debris, macro and micro plastics. It also has oil-absorbent pads that can clean petroleum surface oils and detergents. It is designed for use in calm water environments.
Pete Ceglinski, CEO and co-founder of the Seabin Project, said it was “a bit of a shock” that they had beat the fundraising goal so quickly. Today, the project has raised $1.3m from 1177 investors.
“We’re still processing it,” Ceglinski told PKN. “The majority of these investors are first-time investors, regular people with concerns about the environment, wanting to be a part of the solution.”
The Seabin Project’s business model has two prongs, Ceglinski said. Half of the organisation’s focus is on building cleanup solutions, and the other half is on education and awareness. He said there is a leakage in the system that allows plastics and other rubbish to get into the water.
“Our thinking is that we shouldn’t have plastics in the water, we shouldn’t be throwing it away, but we should be using it,” Ceglinski said.
“It’s a problem everywhere, and while we’re trying to turn off the tap through education and awareness, we’re committed to cleaning it up.”
There are currently 860 units operating in 53 countries, Ceglinski said, and the average Seabin collects 3.9 kg per day.
For its fundraising campaign, the Seabin Project partnered with the Australian equity crowdfunding platform Birchal aiming to raise capital to scale production and operations.
Birchal and Pozible co-founder Alan Crabbe said the Seabin Project campaign will only grow from here. “Tackling the issue of plastics in our oceans is huge and requires a strong team and passionate following. Clearly, Seabin has both, and with 950+ new owners and $1.1m+ raised so far, the future's looking bright for the Seabin Project and of course our oceans too.”
Seabin’s community driven “profit for purpose” business model has enabled Seabin to build a large community of supporters and this equity raise will further secure a loyal shareholders base that can leverage opportunities when approaching high level decision makers.
For more information, visit Seabin’s website, or its Birchal investment page.
