A business that combats biofouling for the maritime industry has secured a £200,000 investment.
ScrubMarine, based in Whitehaven, is also the first business in Cumbria to secure investment from the Praetura Praeseed programme for early stage businesses from NPIF II – Praetura Equity Finance, which is managed by Praetura as part of the Northern Powerhouse Investment Fund II.
Biofouling is caused by the buildup of unwanted organisms, such as algae and barnacles, on the submerged surfaces of vessels.
ScrubMarine’s technology aims to help the average container vessel save almost $40million in annual fuel costs, and approximately $88billion in global fuel savings from cleaning biofouling.
The business was launched in 2023 by Clyne Albertelli, and current CEO, Rohith Devanathan. The business has created a submersible remotely operated vehicle (SROV) which uses a unique and advanced cavitation cleaning mechanism to remove biofouling from marine vessels.
ScrubMarine will use the investment to improve its hardware development by proving the efficacy of its cavitation system.
Its SROV’s cavitation system uses a pressure washing effect that uses small bubbles and pressure differences to remove biofouling without damaging the ship’s pre-existing biofouling coating.
The investment will also help the business create jobs for the business, including new roles in its marketing team, as well as supporting the hire of a new chief of staff, Hedda Friis. ScrubMarine will also use the investment to facilitate a move to a new workshop premises.
ScrubMarine took part in Praetura’s PraeSeed initiative, a cohort investment programme which aims to identify the most promising start-ups in the North West and across the North of England and support them with equity finance alongside a ‘high growth’ educational course.
Through the 2024 PraeSeed cohort, 12 businesses attended a series of workshops delivered by late-stage founders and other experts to give information and advice on future planning, including fundraising and how to develop financial and go-to market strategies. At the end of the six-week programme, all businesses pitched for funding at a ‘investor meet and great’ event with other active funders in the region. Along with Scrubmarine, seven businesses were selected for equity investment from NPIFII.
Rohith said: “Having access to this finance has allowed us to bring our SROV to life, creating a product that will help tackle a cost-intensive problem for the maritime industry.
“Alongside the investment, the team at Praetura has been excellent in providing us with tailored advice that will help take our company to the next level. Our business is at an important stage, and with this investment from the Northern Powerhouse Investment Fund II, we’ll now be able to put in place the foundations for a future raise and continued growth.”
Simon Cunnington, director at the British Business Bank, said: “Cumbria is home to many exciting businesses and this investment shows how the Northern Powerhouse Investment Fund II can help companies across the region access the funding they need to grow. Not only is it creating new jobs, but it looks set to disrupt and play a valuable role in a global industry firmly placing the North West on the map for innovation.”
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The purpose of the Northern Powerhouse Investment Fund II is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England. The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
ScrubMarine was advised by Kelly Clarke, legal director, and Jennifer Murphy, senior associate, both in the corporate team at TLT LLP. A team from Irwin Mitchell LLP, led by partner Adam Kaucher, acted on behalf of Praetura Ventures and supported the legal framework for the programme.
