Thai Union Group has announced that its Corporate Venture Capital (CVC) Fund has joined other strategic and financial partners investing in the €13 million Series A fundraising round by food tech firm Algama.
Algama leverages its algae innovation platform to offer co-development and industrialisation of algae-based ingredients for food and beverage companies looking to replace animal protein or to fortify their products.
The Tamalga Range
The French company was founded in 2013. Its flagship product, the Tamalga range of ingredients, replaces eggs in many industrial applications, particularly in bakery and pastry.
Algama will use the funding in this round to accelerate commercialisation of innovations, development of new applications, and setup of a new 10,000 square metres bio-refinery in Liege, Belgium.
In a statement, Thai Union said the investment in Algama, and further collaboration, will support the future growth of Thai Union’s Alternative Protein business, coupled with exploration of other specialised ingredients, especially for marine products.
'Innovative Products For The Future'
"At Thai Union, we are committed to 'Healthy Living, Healthy Oceans', and algae, as a sustainable, marine ingredient, is aligned with our goals," said president and CEO of Thai Union, Thiraphong Chansiri. "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."
Algama's co-founder and CEO, Alvyn Severien added, "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."
© 2023 European Supermarket Magazine – your source for the latest A-Brands news. Article by Robert McHugh. Click subscribe to sign up to ESM: European Supermarket Magazine.