Thai Union Group PCL has recently disclosed that its Corporate Venture Capital (CVC) Fund has joined other strategic and financial partners to invest in France-based Algama’s €3 million (US$3.27 million) Series A fundraising round.
Founded in 2013, with presence now across France, the US, and Belgium, Algama leverages its algae innovation platform to offer co-development and industrialisation of algae-based ingredients for F&B players looking to replace animal protein and/or fortify their products.
Algama’s flagship product, the Tamalga® range of ingredients, replaces eggs in many industrial applications, particularly in bakery and pastry. The funding in this round will be used to accelerate commercialization of innovations, development of new applications, and setup of a new 10,000 sq.metre bio-refinery in Liege, Belgium.
The investment in Algama will also support the future growth of Thai Union’s Alternative Protein business, coupled with exploration of other specialized ingredients especially for marine products.
Thiraphong Chansiri, President and CEO of Thai Union said, “At Thai Union, we are committed to “Healthy Living, Healthy Oceans”, and algae, as a sustainable, marine ingredient, is aligned with our goals. Algama and its experienced team have strong tech and commercial capabilities to create a positive impact on the protein industry. We are excited to work with them and explore further collaboration opportunities.”
Alvyn Severien, Algama’s Co-founder and CEO said, “We are excited to work with Thai Union to create the next generation of seafood ingredients that are sustainably sourced and health-promoting. By exploring the untapped potential of algae, we aim to push the boundaries and develop innovative products for the future.”
