Maabarot Products Ltd., the main shareholder of Algaia, S.A., has provided a €4 million (US$4.69 million) infusion of capital to support expansion of Algaia’s new specialty seaweed extract production unit in Brittany, France, and its innovation center in Saint-Lo (Normandy, France).

Last year, Algaia invested €5 million (US$5.86 million) in this seaweed manufacturing facility at Lannilis, which was used to develop new marine ingredients, improve processing, and increase capacity. This new funding will expand production to include functional liquid products for the the agtech marketplace.

“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.”

Algaia has been focused on bringing marine products to market since 2015, and building its reputation in a seaweed market that is expected to exceed US$87 billion by 2024 and grow at a CAGR that is over 9 percent during that time.

By Michelle Pelletier Marshall, GAI Media