Horizon Ventures backs Algama in €3.5m funding round

Hong Kong-based investment fund Horizon was the main investor in the round, having provided a total of €2m.

This new fundraising will assist with the launch of new products and to develop the company's export business, targeting mature markets such as Asia and North America, where it recently opened an office in New York.

The group is also planning a future market launch, although a precise date has not been communicated yet.

This marks Horizon's first investment in France; the venture fund has previously backed large international groups such as Facebook, Spotify and Skype.

Previous funding
Algama had previously gathered an estimated €1.1m of seed funding via private investors and crowdfunding platform Anaxago.

Company
Algama is a foodtech company aiming to create sustainable and healthy food products by using micro algae. It has recently launched a drink called Springwave made from spirulina, as well as a range of egg-free sauces using powdered micro algae.

Based in the Ile-de-France region, the startup was founded in 2013 by Mathieu Goncalves, Gaëtan Gohin and Alvyn Severien.

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• Topics
• Early-stage
• France
• Consumer
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• France