For simple organisms, algae pack a lot of power. Long on the radar of researchers and aquaculture companies, these water-based plants are emerging as versatile and sustainable inputs for everything from supplements to animal feed. In separate deals this week, Mara Renewables and Provectus Algae snagged a combined raise $21.7 million to scale algae-based platforms addressing two very different challenges: global nutrition and livestock emissions.
Nutrient supply chains
S2G Investments led a $9.1 million round for Mara Renewables, a Canadian producer of fish-free omega-3. Mara grows omega-3-rich algae using a fermentation process for use in supplements, baby formula, fish feed, and health foods. Some 85% of the global population is deficient in omega-3s, which are vital to brain and heart health, according to a recent study. Demand for the lipids, which are found in fish and plants, has led to overfishing of krill and other small fish that are critical links in the ocean food chain.
Mara’s process cuts out the need for fish by making omega-3s directly from algae, helping protect ocean ecosystems while still delivering high-quality nutrients.
“We are committed to transforming the way the world sources vital nutrients like omega-3s,” said Mara CEO Harry Boot. “Our partnership with S2G strengthens our ability to meet growing global demand with reliable, high-quality alternatives that protect aquatic ecosystems, reduce reliance on wild fisheries, and support the health of people and animals alike.”
S2G’s investment will support manufacturing, R&D, and new product development. The fresh raise follows a $39.5 million round in 2022 backed by InvestEco, BDC Capital, Export Development Canada, and Thai Union.
Livestock emissions
In Australia, Provectus Algae raised $12.6 million, including $10.1 million in Series A funding led by At One Ventures and $2.5 million in grants from the Australian government’s Industry Growth Program. Other backers include Methane Mitigation, Mort & Co, Hitachi Ventures.
The company’s “algae foundry” uses AI and light-based technology to grow algae tailored for l high-value products at commercial scale. Its first product, Surf’N’Turf, is a seaweed-based cattle feed that helps cows digest better and release less methane.
The funding will support large-scale production and a large pilot trial with Mort & Co, one of Australia’s largest beef producers.
