Paris, France—Algaia S.A. has announced the completion of a €2.2 investment round to fuel its double-digit growth, according to a press release. Also fueling that growth: A new range of seaweed-based texturing solutions named VegAlg, designed to help the shape, structure, and juiciness of plant-based burgers.
Over the past three years, the press release says, a total of €7 million has been invested in the Algaia manufacturing facility in Lannilis, Brittany, France, and €1 million has been invested in its R&D facility in Saint-Lô, Normandy.
“In 2019, Algaia recorded a 17% sales growth, plus an additional 25% sales growth over the first four months of 2020,” said Frederic Faure, Business Development Director for Algaia, in the 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. Moreover, the Covid-19 breakout is creating a paradigm shift toward even more traceable, secured food solutions that are in line with our new seaweed portfolio and long-term sustainability strategy.” Faure added that 30% of Algaia’s sales is coming from new products.
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Other products driving Algaia’s growth: Algogel, which improves the taste, structure, and texture of plant-based meat; and Satialgine, designed to improve the functionality of cheese in cordon bleu dishes.
Algaia works with local fishermen to harvest brown algae a few kilometers from its plant in Brittany, France, the release says. Faure notes: “We can already see a shift toward sustainable products like seaweed extracts as consumers seek more sustainable, locally sourced ingredients. They want suppliers they can trust and who have been able to come forward and maintain reliability during this unique situation.”