Thai Union Invests In French Algae Tech Platform Algama
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Thai Union, food giant and leading producer of Thai seafood, has invested in France’s Algama algae innovation platform.
Thai Union’s Corporate Venture Capital Fund joined Algama’s recent €13 million Series A funding round to help accelerate its industrial algal ingredients for the food and beverage sector.
“At Thai Union, we are committed to “Healthy Living, Healthy Oceans”, Thiraphong Chansiri, President and CEO of Thai Union said in a statement. Chansiri says algae, as a sustainable, marine ingredient, is aligned with the seafood giant’s goals.
“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,” Chansiri said.
Tamalga, the ten-year-old Algama’s flagship product serves as an egg replacer in baked goods. The company says the new funding will accelerate the commercialization of its innovations as well as the development of new applications. It will also add a new 10,000m2 bio-refinery in Liege, Belgium.
With Thai Union on board, Algama says its also exploring the seafood successors category with protein innovations at the forefront.
“We are excited to work with Thai Union to create the next generation of seafood ingredients that are sustainably sourced and health-promoting,” Alvyn Severien, Algama’s co-founder and CEO, said. “By exploring the untapped potential of algae, we aim to push the boundaries and develop innovative products for the future.”
Last spring, Thai Union announced it was exploring cultivated seafood following the launch of its OMG range of plant-based seafood products. The company says the seafood sector is lagging behind other protein sectors when it comes to plant-based options.
“The bigger opportunity lies with flexitarians, who are flexing between meat, seafood and vegan propositions,” Maarten Geraets, managing director of alternative proteins at Thai Union told the Bangkok Post last year. “Plant-based solutions are a trend that people would want to buy into. It’s something you want to be seen with, eating or drinking. It can be very aspirational.”
The company established its CVC fund in 2019 with a focus on alternative protein, functional nutrition, and biotechnology. The fund is focused on investing in and partnering with early-stage, entrepreneurial companies aligned with Thai Union’s commitment to Healthy Living, Healthy Oceans.