Algaia, S.A., a Paris, France-based biomarine company, raised €4M in equity funding.
Main shareholder Maabarot Products made the equity investment.
The company intends to use the funds for further expansion of its production facility and innovation center located in Saint-Lo (Normandy-France).
Led by Fabrice Bohin, CEO, 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 new production unit will expand the company’s portfolio beyond traditional seaweed extracts, adding functional liquid products for Ag-tech market.
Algaia is ISO 9001 and FSSC 22000-certified, its product lines are kosher and halal certified.