French algae producer lands $13 million investment

The Fish Site
by The Fish Site
11 January 2023, at 1:30pm

Algama, which creates a range of algae-based products - including vegan salmon and vegan tuna - using algae has raised a €13 million Series A round..

headshot of a man
Alvyn Severien, co-founder and CEO of Algama

Founded in 2013, with presence now across France, the US, and Belgium, Algama offers co-development and industrialisation of algae-based ingredients for food and beverage 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 commercialisation of innovations, development of new applications, and setup of a new 10,000m2 biorefinery in Liege, Belgium.

Thai Union, whose Corporate Venture Capital (CVC) Fund is among the investors, in a bid to support the future growth of its alternative protein business, coupled with exploration of other specialised ingredients, especially for marine products.

As Thiraphong Chansiri, president and CEO of Thai Union, said in a press release: “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.”

two seafood dishes made from algae
Vegan tuna and smoked salmon alternatives developed by Algama

© Algama

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.”

Thai Union’s CVC fund was established in 2019. It has identified alternative proteins, functional nutrition and biotechnology, in addition to new technologies along the food value chain, as strategic areas for investment. The fund invests in, and partners with, early-stage, entrepreneurial companies working in these areas, seeking to support and accelerate their development.