Mara Renewables Corporation raises $39.5 million to expand its microalgae-based product portfolio
Wednesday, May 18, 2022
Mara Renewables Corporation (Mara) closed a $39.5 million equity raise. The growth funding round was made possible by lead investor InvestEco Capital (InvestEco) and follow-on investors BDC Capital (BDC), Export Development Canada (EDC), MacKinnon, Bennett & Company Inc. (MKB), Thai Union Ingredients Co (Thai Union) and existing investors. As part of additional financing, Mara will also complete a second closing with Clear Creek Investments, LLC (CCI) in the coming month. Mara's executive team announced that the company will use this capital to rapidly expand its microalgae-based product portfolio.
As a producer of sustainably-grown algae-based bio-products, Mara has successfully built a portfolio of microalgal strains, some processed using a clean, environmentally-friendly extraction method to develop high-quality algal oil. By going straight to the source, Mara is able to extract immense potential from marine plant life sustainably grown ashore, harnessing the power of the ocean without harvesting its resources. 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 utilized by leading global infant nutrition, supplement and food and beverage customers.
“Mara is very excited to finalize our growth capital phase,” said Arturo Ania, CEO of Mara. “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 to become world-changing solutions.”
Since 2012, Mara has built an immense library of innovative patents and attracted world-class science and engineering talent. This amalgamation of technology and talent has directly resulted in the preservation of keystone species and the protection of fragile marine ecosystems. In 2021 alone, Mara 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 and supporters of Mara's mission to achieve a more sustainable food system and make a positive global impact through its people, products, and purpose.
Rabobank advised on the deal through its Equity Private Placements business which helps innovative emerging food and agribusiness companies raise essential 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 of wholesale Banking North America, Rabobank.
Mara Renewables Corporation and Devenish recently joined forces to launch a new business entity that aims to improve human health by naturally enriching animal feed with a sustainable omega-3 DHA solution.
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