French producer of microalgae-based alternative protein, Algama, has raised EUR 13 million (~USD 14 million) in a Series A funding round with participation from Thai Union’s corporate venture fund and other strategic investors.

The funds raised will be used to expedite the commercialization of products and development of innovations, as well as setting up a new 10,000 squared meters biorefinery in Liege, Belgium.

Apart from its flagship Tamalga range, the company is in the process of developing “Seafood Algternative,” a plant-based alternative for salmon strips and tuna flakes.

Analyst QuickTake: Plant-based seafood is a rather slow-moving segment compared to other plant-based alternatives. Algama would be able to leverage Thai Union’s extensive knowledge of the industry and seafood products to fine-tune their new products and also access a wider market through Thai Union’s distribution channels. Furthermore, in 2022 , Thai Union partnered with alternative seafood producer, The Ish Food Company, as part of its sustainability efforts under Thai Union’s global SeaChange commitment .