Thai Union Corporate Venture Fund has made an investment in a startup based in France that specializes in algae-based ingredients.
Thai Union Group PCL, a global leader in the seafood industry, has announced its participation in the Series A funding round of Algama, a Paris-based innovator in micro-algae ingredients, with a contribution to the €13 million raised by the startup. Algama, established in 2013 and now operating in France, the U.S., and Belgium, is recognized for its pioneering algae innovation platform that supports the co-development and industrialization of algae-based ingredients aimed at replacing animal protein and enhancing food and beverage products. Algama's premier product line, Tamalga®, is designed to substitute eggs in various industrial uses, especially in the bakery and pastry sectors. The investment will facilitate the acceleration of Algama's innovation commercialization, the development of new applications, and the establishment of a new 10,000m2 bio-refinery in Liege, Belgium. This strategic investment by Thai Union's Corporate Venture Capital (CVC) Fund, initiated in 2019, underscores the company's commitment to fostering the growth of its Alternative Protein business and exploring innovative ingredients, particularly for marine products. Algama has also been developing vegan alternatives to tuna and smoked salmon, showcasing the potential of algae as a sustainable and health-promoting ingredient. Thiraphong Chansiri, President and CEO of Thai Union, emphasized the company's dedication to "Healthy Living, Healthy Oceans" and expressed enthusiasm for the collaboration with Algama to impact the protein industry positively. Alvyn Severien, co-founder and CEO of Algama, shared the excitement for the partnership, aiming to explore algae's untapped potential and innovate the next generation of sustainable seafood ingredients. Thai Union's CVC fund focuses on alternative proteins, functional nutrition, biotechnology, and new food value chain technologies, aligning with the company's vision for a sustainable future. More information about Thai Union's Corporate Venture Capital Fund and its initiatives can be found on their website. For 45 years, Thai Union Group PCL has been at the forefront of delivering high-quality, innovative seafood products worldwide, with a commitment to sustainability and healthy oceans, as evidenced by its leadership in the Dow Jones Sustainability Indices and participation in global sustainability initiatives. Algama continues to lead in the integration of microalgae into human nutrition, leveraging its expertise in algae selection, ingredient formulation, and the industrialization of plant-based products, contributing significantly to the food industry's evolution towards sustainability. For further details, please contact Thai Union's communication representatives. --ENDS--