Marine ingredients supplier raises €6.5 million
Bio-Marine Ingredients raised €6.5 million via a loan note and has plans for a new plant three times the size of its existing plant.
Irish marine ingredients supplier, Bio-Marine Ingredients, raised €6.5 million via a loan note. The funding came from clients of Cantor Fitzgerald, which worked with Bio-Marine on the convertible loan note. The company plans to raise institutional funding next year for a €50 million plant in Donegal, local news reported.
Jason Whooley, CEO of Biomarine Ingredients, said: “We are delighted to have completed this round of fundraising, which will facilitate the next stage of our expansion and development. The exponential growth which accompanies a demand for our product doubling year on year comes with challenges but, thanks to the support of our shareholders, we are confident Biomarine can continue to thrive.”
The company was set up in 2014 to develop value-added products for the fishing industry and produces soluble and insoluble proteins and marine minerals and has moved into the area of nutraceuticals and infant health.
Bio-Marine has plans for a new plant in Donegal which is three times the size of its existing plant in Monaghan, where it currently employs 40 people.