Funds of Over $8 Million Raised Through Series A for Expansion of Coral Reef Regeneration Project by Coral Vita
Coral Vita, a pioneering commercial coral reef restoration company, has announced that it has raised over $8 million in Series A funding. This investment will accelerate the company's mission to preserve the world's coral reefs, a vital component of marine biodiversity and economic prosperity for millions of people worldwide.
The funding round was led by Builders Vision, with participation from Katapult Ocean and iAlumbra. Lukas Walton, Founder and CEO of Builders Vision, expressed his pride in leading the first successful Series A round for a business focused on coral restoration. He highlighted Coral Vita's solution as one that creates real global market value.
Coral Vita operates on a mission-driven for-profit model, allowing for sustainable growth without relying on traditional grants. The company uses innovative techniques like microfragmentation and assisted evolution to enhance coral survivability in response to rising ocean temperatures. They also employ cutting-edge genetic technology to further boost coral resilience.
Since 2015, Coral Vita has cultivated over 100,000 corals across 52 species. Their operations span locations such as the Bahamas, Saudi Arabia, and the UAE. In 2021, Coral Vita was recognized as the inaugural winner of Prince William's Earthshot Prize.
The Series A investment will be used to expand Coral Vita's operations, enhance research and development, and increase its overall impact and reach. This will enable them to grow diverse and resilient corals much faster than in nature and transplant them to threatened reefs. The goal is to create a global network of coral farms, thereby increasing the supply of corals ready for restoration projects worldwide.
Sam Teicher, co-founder and Chief Reef Officer of Coral Vita, emphasized the importance of ecosystem restoration as everyone's responsibility. He believes that the blue economy and ecological infrastructure is investable, profitable, and impactful. The funding is a testament to the viability of investing in ecological infrastructure, according to Teicher.
Builders Vision believes that ocean health and economic health go hand in hand. By investing in coral reef restoration, they are not only preserving marine biodiversity but also promoting economic prosperity. Coral reefs support 25% of marine life and generate about $2.7 trillion annually.
As Coral Vita scales its operations, it aims to make a significant impact on ocean and community resilience. With this new funding, the company is poised to lead the way in commercial coral reef restoration, creating a sustainable and profitable solution to one of the world's most pressing environmental challenges.
[1] Coral Vita Press Release, (2022). Retrieved from [https://coralvita.com/news/coral-vita-raises-8-million-in-series-a-funding] [2] Katapult Ocean Press Release, (2022). Retrieved from [https://katapult.co/news/katapult-ocean-invests-in-coral-vita] [3] iAlumbra Press Release, (2022). Retrieved from [https://ialumbra.com/news/ialumbra-invests-in-coral-vita] [4] Builders Vision Press Release, (2022). Retrieved from [https://buildersvision.com/news/builders-vision-invests-in-coral-vita] [5] Earthshot Prize Winner, Coral Vita, (2021). Retrieved from [https://www.earthshotprize.org/winners/coral-vita]
- The funding raised by Coral Vita, a pioneering company in commercial coral reef restoration, will be utilized to advance their mission in environmental science, aiming to preserve coral reefs, a crucial component of marine biodiversity and economic prosperity worldwide.
- The Series A investment in Coral Vita, a business focused on coral restoration, is a significant step towards demonstrating that investing in ecological infrastructure, particularly in the field of climate-change mitigation and ocean health, can be profitable and impactful.
- By investing in Coral Vita, Builders Vision not only supports the preservation of marine biodiversity but also promotes technological innovation in environmental science, as Coral Vita employs cutting-edge genetic technology to boost coral resilience.
