Canadian food-tech company Mara Renewables Corporation closed a growth funding round of US$39.5 million to advance its production of sustainably-grown algae-based bio-products extracted from marine plant life and expand its microalgae based food product portfolio.

The company has a strong portfolio of microalgal strains, some processed using clean, environmentally-friendly extraction methods to develop high quality algal oil. 

The growth funding round was made possible by lead investor InvestEco Capital and follow-on investors BDC Capital, Export Development Canada, MacKinnon, Bennett & Company Inc., Thai unio Ingredients Co and existing investors. Mara will also complete a second closing with Clear Creek Investments (CCI) in the coming month. 

R&D boost for algal fermentation
Approved by multiple respected regulatory and certification bodies around the world – including The Non-GMO Project, Health Canada and the European Food Safety Authority – Mara’s ingredients are used by global infant nutrition, supplement and food and beverage customers.

“This new investment will allow Mara to continue our aggressive growth trajectory and further expand new R&D initiatives into commercial products. We are certain that the expertise added around our investor and board table will allow us to continue our growth phase and expand our omega 3, protein and other ingredient platforms,” says Arturo Ania, CEO, Mara.

In 2021, the company supplied enough DHA-rich fatty acids to the supplement and food and beverage markets to offset an estimated 7.36 billion fish (anchovy). This investment creates opportunities for all investors to realize a more sustainable food system.Mara has a good portfolio of microalgal strains. These strains are harvested from marine sources.

Impressive library of patents
Mara has built a substantial library of patents since 2012. The amalgamation of technology and scientific and engineering talent has resulted in the preservation of keystone species and the protection of fragile marine ecosystems.

Rabobank advised on the deal through its Equity Private Placements business which helps innovative emerging food and agribusiness companies raise capital from financial and strategic investors to accelerate their business growth.

“As the leading food and agribusiness bank, we’re really proud to help Mara achieve this investment that will truly expand the reach of its innovative nutritional products,” said David Bassett, head, wholesale banking, US, Rabobank.

Health benefits of fermentation
Fermentation processes have been used for millennia to unlock new dimensions of flavor. Today, these biological mechanisms are used in natural solutions that include fermented soy for preventing heartburn, heat-stable probiotics in tea and amino acid-rich yeast protein.

A report released by The Good Food Institute (GFI) has outlined fermentation as the “next pillar of alternative proteins,” enabling a wave of innovative products and accelerating industry to new heights.