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.
Algaia, S.A., will accelerate its development and install a new specialty seaweed extract production unit in its Lannilis (Brittany-France) manufacturing facility dedicated to specialty algae extracts. The company’s main shareholder, Maabarot Products Ltd., infused Algaia with an additional €4 million in equity to support further expansion of its production facility and innovation centre located in Saint-Lo (Normandy-France).
Algaia works with local fishermen to harvest brown algae just a few kilometres from its plant in Brittany, France, to ensure a constant fresh local supply of seaweed biomass. The company is committed to control its supply and ensure its customers receive sustainable, high-quality products.
Algaia previously invested €5 million in 2017/2018 in its facilities in Lannilis, France, to develop new marine ingredients, improve processing, and increase capacity. The company intend to install a new specialty algae extract production line based on innovative technology developed in the past three years. The new production unit will expand Algaia’s portfolio beyond traditional seaweed extracts, adding functional liquid products for the Ag-tech market.
“We are pleased with the rapid growth of Algaia”, notes Eyal Shalmon, Chairman of Maabarot Products Ltd. “We continue to strive to position Algaia as a leader in the algae extracts market.”
“We are expanding both our portfolio and our geographical presence”, adds 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 acquisition of specialty marine-based companies.”