Algaia, S.A. completed a €2.2m investment round to continue fueling its double-digit growth.
Algaia, S.A. (Paris, France) completed a €2.2m investment round to continue fueling its double-digit growth. This growth is largely due to VegAlg, its new line of seaweed-based texturing solutions for plant-based burgers, in addition to its alginate-based Satialgine DVA series, designed to improve the functionality of cheese in cordon bleu dishes. Since 2017, Algaia has invested €7 million in its manufacturing facility in Lannilis, Britany, France, in addition to another €1 million at its R&D facility in Saint-LÃ´, France, where an industrial pilot production line was inaugurated in 2019.
“In 2019, Algaia recorded a 17% sales growth, plus an additional 25% sales growth over the first four months of 2020,” Frederic Faure, business development director for Algaia, said in a press release. “We grew at a double-digit rate in nutrition and cosmetic business activity, and experienced triple-digit growth in active ingredients used in plant care. Sales grew dramatically across a range of segments, and we recorded even higher demand in vegan applications where a series of new seaweed-based products, developed under the VegAlg umbrella, was recently launched.”
Algaia also launched Algogel MVA series, designed for meat analogues, as it replaces cellulosic products traditionally used for structure in vegetable-protein products. The series improves the interaction among the protein, lipid, and water components of the food system. This enhances the texture and flavor veggie burgers.
To ensure a constant fresh and renewable supply of seaweed biomass for its VegAlg line, Algaia works with local fishermen in Brittany, France to harvest brown algae.
“We can already see a shift toward sustainable products like seaweed extracts as consumers seek more sustainable, locally sourced ingredients,” Faure said. “They want suppliers they can trust and who have been able to come forward and maintain reliability during this unique situation.”