Biotech company Mara raises CAD 39.5m in growth equity

Mara Renewables Corporation has closed a CAD 39.5 million growth equity raise, as it looks to expand its microalgae-based product portfolio.

The funding round was led by InvestEco Capital, with other investors including BDC Capital, Export Development Canada, MacKinnon, Bennett & Company and Thai Union Ingredients, among others. 

Mara has built a portfolio of microalgal strains, some of which are processed using a clean, environmentally friendly extraction method to develop high-quality algal oil. The company’s global team spans Canada and the UK, and its headquarters are located in Dartmouth, Nova Scotia. 

Mara’s ingredients are used in applications and formulations by global infant nutrition, supplement, and food and beverage customers.

Arturo Ania, CEO of Mara, said: “Mara is very excited to finalise our growth capital phase. This new investment will allow Mara to continue our aggressive growth trajectory and further expand new research and development initiatives into commercial products.”

He continued: “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”.