BioMara extracts fucoidan – a type of water-soluble dietary fibre – from brown seaweed using a novel process, which it claims maximises the value of seaweed by isolating multiple healthy products from the same input biomass.
In addition to enhancing production, the investment will also support building clinical evidence for BioMara’s products in the rapidly growing food and wellness natural ingredients markets.
Health benefits
By working with independent third-party laboratory facilities, the company hoped to further substantiate the health benefits of its fucoidan in a bid to strengthen customer confidence and address new sectors. In turn, BioMara planned to build sales traction by collaborating with food and wellness brands that prioritise the use of natural and functional ingredients.
Commenting on the investment, CEO Jay Dignan said: “This funding comes at a pivotal time as we build relationships with customers who are eager to incorporate our Seafibrex high-fibre ingredient as well as our Thalivra and Revyntra fucoidan extracts into their products.”
“Our focus now is on building momentum – expanding production, increasing sales which will underpin the product’s success in the food and wellness markets.”
Private funding
Since its launch, BioMara has raised more than £520,000 in private funding and secured more than £600,000 in non-dilutive grant funding through competitive research and innovation programs. To date, the company has raised more than £1.1 million.
In other seaweed investment news, last year saw sustainably sourced seaweed packaging manufacturer Kelpi secure more than £4.3 million in funding from investors to scale up and roll-out its product to market.
Meanwhile, Belfast whisky maker Titanic Distillers has secured a £5m equity investment from Whiterock as it expands its team and looks to reach new markets.
The funds have already been used to hire two senior drinks industry executives, with plans to expand its existing footprint across the UK and Europe and move into the US and Asia.
