algaia

Algaia Raises €4m to Expand Algae Product Portfolio and Extraction Technology

Algaia, a French company manufacturing algae-based products for the agriculture feed, personal care & nutraceutical industries, has raised €4 million ($4.7 million) in follow-on funding from its main shareholder.

Maabarot Products, the Israeli developer, manufacturer, and marketer of a wide range of advanced nutrition and health products for people and pets, invested the additional equity capital to support Algaia’s expansion of its production facility and innovation center located in Normandy, France.

The benefits of algae-based foods and supplements continue to generate headlines and consumer interest with the algae products market projected to reach $45 million by 2023 from $30 million in 2015, according to Credence Research. 

The fund will also further expand the company’s new specialty algae extract production line in Brittany, France which will use new technology developed in-house over the past three years with €5 million of earlier investment. The new production unit will expand Algaia’s portfolio beyond traditional seaweed extracts, adding functional liquid products for the agriculture market, according to a press release.

The company will focus on using these new seaweed extracts for healthy lipids, proteins, pigments, and micronutrients. Some of those new molecules are demonstrating photoprotective, antioxidant, antimicrobial, immuno-stimulative or nutritional activities, according to the company.

“We are expanding both our portfolio and our geographical presence,” said Fabrice Bohin, CEO of Algaia. “Innovative products and technologies are currently being developed for launch in the coming months. We also are strengthening our positions in the Americas where, as in Europe, we identified a growing interest in marine-derived ingredients. We are pleased to see our shareholders committed to Algaia’s growth plans and we look forward to continuing our growth both organically and via the acquisition of specialty marine-based companies.”

Algaia works with local fishermen to harvest brown algae just a few miles from its plant in Brittany to ensure a constant fresh local and sustainable supply of seaweed biomass for its products.

Algaia’s product portfolio currently includes Carrageenans, which can be added to food for texture or water retention as well as personal care products, and Alginates for heat resistant gel, ice cream thickening or pet food gelling agent. But the startup also manufactures bespoke products.

 

3 thoughts on “Algaia Raises €4m to Expand Algae Product Portfolio and Extraction Technology”

  1. Hello Louisa, thanks for the article! Could I clarify on the market value projection for the algae-based products? The link that you’d provided seems to show that the projected size by 2023 is US$45bn instead of million.

    In a similar vein, I chanced upon another article that indicated the market size for algae products is only around US$3-5bn. Here’s the link: http://www.algaeindustrymagazine.com/algae-products-market-growth-projections-2018-2023/

    It will be great if we can figure out which is the more accurate indication of the algae-based product market size, so as to provide a clearer picture of the developments expected in this space. Thanks in advance for your clarifications!

    1. Good catch Darren! I think the best person to ask would be the author of the article showcasing that data- Andrew A. Dahl, President and CEO of ZIVO Bioscience. Perhaps he researched various data and decided this was the most accurate. He can be reached through his PR sforman@dgicomm.com – let me know what you come back with!

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