Seabin seeks to raise $5 million through equity crowdfunding for impact data offering

Seabin, a maker of floating buckets that suck in and filter waste such as oil and plastics out of ocean water, is launching its third equity crowd-sourced funding campaign on Tuesday.

A message from the company on Friday said the round would help to scale up its nature repair impact data offering, which presented a new market opportunity. 

“Since selling our nature repair impact data, we’ve been smashing milestones. In fact, Seabin’s annual recurring revenue has just hit $1 million from selling impact data to just 18 amazing clients,” the message from CEO and co-founder Pete Ceglinski reads.

The round would support development of nature repair financial data products, Ceglinski said, launching a new data platform with a live dashboard, and expediting and scaling Seabin’s “100 Smarter Cities by 2050” business model.

The company hopes to raise $5 million through the round, which will be its third through equity crowdfunding platform Birchal.

Seabin was established in 2016 with an invention it describes as a “cross between a pool skimmer and a trash can”. The Seabin takes in water and filters and collects rubbish.

It switched to a servitised model in 2020 after initially selling its bins to clients, and now offers subscriptions and corporate partnerships “to support smarter cities in reducing their environmental footprint and improving water quality.” 

The company’s “trash skimmer” products are produced in Brisbane by Evolve Group.

Seabin said more information on the raise will be shared with those on its mailing list on Tuesday.

Picture: credit Seabin

Further reading

TECHNOLOGIES AND TOOLS FOR A MANUFACTURING TRANSFORMATION: RESHORING

SEABIN AND COKE TO COLLECT DATA AND RUBBISH FROM SYDNEY HARBOUR THROUGH PILOT PROJECT