Zurich – Rrreefs has secured pre-seed financing in the amount of 420,000 Swiss francs. The spin-off from the Swiss Federal Institute of Technology in Zurich (ETH) intends to use the fresh capital to continue its research and repair work on coral reefs.
Rrreefs, a spin-off from the Swiss Federal Institute of Technology in Zurich(ETH), has secured pre-seed funding of CHF 420,000. According to a press release from Venture Kick, the ETH Foundation, Swisspreneur, S2S Ventures and other investors participated in the financing round.
rrreefs was already able to secure funding of CHF 50,000 from Venture Kick in 2022. The company used the money to finance a project in which an artificial reef was to be created using a large-scale modular system made of clay bricks. The artificial reef should lead to more biodiversity and coral growth. At the same time, habitats for millions of marine animals will be created, according to rrreefs. The project was limited to March 31, 2024. With the newly acquired capital, rrreefs intends to expand the project and protect around 1 percent of the threatened coastal coral reefs over the next ten years, according to the press release.
In addition to the current projects on the coasts of the British Virgin Islands, Colombia and the Philippines, a new project off the coast of Ecuador is due to start in May 2024. ce/ww
