Ogoori Raised NOK 400K Funding Loan in Fauna Experiment for Second batch of Marine Plastic Granulate
Photo: Participants and facilitators at Fauna Experiment.
Oslo/Stavanger - Ogoori raised NOK 400K from Fauna Experiment’s funding loan to help produce another batch of marine plastic granulate for commercialization and further research. The funding loan came during a participation in the Fauna Experiment amid the looming pandemic.
In 2020, Ogoori was one of seven companies selected to participate among 75 applicants in the Fauna Experiment. Investors Tore and Siw Gjedebo, together with Innovation Dock launched the Fauna experiment program, an initiative focused on strengthening tomorrow’s sustainable companies by making their environmental responsibility and sustainable development a profitable competitive advantage.
Innovation Dock, located in Stavanger, is a coworking space and innovation environment that today houses over 60 companies. They have broad expertise in facilitation and business development.
Participants were assessed accordingly to criteria such as degree of innovation, the structure of the business model and value base. The program lasted for a year, and participants got to learn tools based on MIT's proven entrepreneurial methodology, listen to academic speakers on sustainability, and be in a pay-it-forward culture for the next generation of business.
Fauna Experiment’s vision is that “all companies should minimize the product's possible damage to the environment throughout the value chain and put good product and process design in the forefront.”
Ogoori had mentor, Christian Rokseth, Managing Director in Bartec Pixavi, entrepreneur, and seed investor on board to help the team navigate the market and develop the business model further.
“I had a great time mentoring Ogoori and probably learned as much as I was teaching. I like Ogoori’s circular model. It is a great concept. Also proven by that bigger corporations now are starting to move in the same direction, such as Aker Biomarine, ” says Christian.
Christian was motivated to become a mentor because he lives by the ocean and saw plastic washed ashore every day, “This is a real problem we need to deal with asap!”
For Larissa Slottet, CEO of Ogoori, on receiving the funding loan from Fauna Experiment, “This support is vital for us to practice an authentic circular model and offer the market the guarantee of returning the marine plastic at the end of its life cycle and avoiding it becoming astray again.”
She continues, “Together we can do so much more! Having the support from Fauna organizers and participants brought Ogoori one step further in its development level. We at Ogoori are extremely grateful for this opportunity and wish the best of success in the next edition of Fauna Experiment.”
Fauna Experiment program offered Ogoori a network of like-minded, green innovators, and opened an opportunity to further develop its way into the market.
“Fauna is a perfect arena for developing partnerships for goals. Bringing together ideas that will innovate and disrupt our current economic model is the way to strengthen green growth. This fantastic initiative offered us a demanding and enriching program to open our network, improve our knowledge and work with our emotions of dealing with a startup that aims to transform the market with its new solutions,” says Larissa.
Ogoori’s first batch of marine plastic granulate will be for both Vestre and Ope to produce their groundbreaking, circular products on a service rental model. So they will also tackle the global crisis on plastic pollution. This is a great step forward for showcasing how industry key players can adopt a circular business model, avoid waste in their production, and be part of beating plastic pollution.
Ogoori is a Norwegian ocean impact startup company founded by the Norwegian value-driven furniture brands Vestre and Ope, and Rune Gaasø. Ogoori capture stories of marine litter and deliver them as a service that creates value to the end user. Ogoori’s main functions are receiving the ownerless marine waste from beach cleaner partners, managing research and development, and the industrial process turning it to plastic granulate. This will be offered to the market in a subscription model named Material as a Service (MaaS), through what we call a Regenerative Circular Value Chain. Ogoori will offer traceable plastic raw materials collected from the ocean with a guarantee of origin through blockchain technology. The furniture brands, Vestre and Ope, are also founding customers of Ogoori, launching products using marine plastic.
Read more about the Fauna Experiment here: https://www.faunaeksperimentet.no/
Larissa Slottet, CEO.