Algaia receives 2.2m euros in funding, launches product line

French marine ingredients company Algaia has secured €2.2 million in its latest funding round as it aims to continue driving ‘double-digit’ growth.   

As part of its intentions to accelerate growth, Algaia has recently launched a new seaweed-based line for plant-based meat applications, well as a range of alginates which acts as a thickening agent for processed cheese.

“In 2019, Algaia recorded a 17% sales growth, plus an additional 25% sales growth over the first four months of 2020,” said Frederic Faure, business development director for Algaia.

Following the launches, he noted that the company recorded ‘even higher demand’ in vegan applications with 30% of Algaia’s sales coming from the new products.

“Moreover, the Covid-19 breakout is creating a paradigm shift toward even more traceable, secured food solutions that are in line with our new seaweed portfolio and long-term sustainability strategy,” added Faure.  

Algaia works with local fishermen to harvest brown algae just a few kilometres from its plant in Brittany to ensure a constant fresh and renewable supply of seaweed biomass. It produces natural seaweed extracts and solutions for the food and nutraceutical industries.

Over the past three years, a total of €7 million has been invested in Algaia’s manufacturing facility in Brittany, France by securing funding from its shareholders. This is followed by another €1 million at its R&D facility in Normandy. 

Algaia claims its texturing solutions were designed to contribute shape and structure and add juiciness to plant-based burgers. The Algogel MVA series is said to help the protein, lipid, and water components of the food system form a stable structure, which leads to enhanced texture and flavour in meat alternatives.

Meanwhile, Algaia also released its alginate-based Satialgine DVA series often used in combination with carrageenans extracted from fresh Chilean seaweed. The series was designed to improve the functionality of cheese in cordon bleu dishes.

“…we are pleased to see the company growing so fast, expanding its geographical presence, and undertaking unexpected challenges while remaining loyal to its core values,” said Arik Schor, Algaia’s chairman and chairman of Maabarot Products, a strategic investor in the firm.

In October last year, Algaia partnered with Herbstreith & Fox (H&F) to provide a combination of pectin and alginates for baking applications.