Microalgae producer Phycom receives €9m funding
The Netherlands-based microalgae producer, Phycom, has announced an investment of over €9 million to accelerate the company’s growth.
The investment – which involved key partners including Corbion, Phase2.earth, Invest-NL and Invest International – is set to propel the company’s microalgae cultivation on an industrial scale.
All parties involved in the investment recognise Phycom’s unique technology for large-scale microalgae cultivation and advocate its cost-effectiveness and sustainability efforts as the sustainable protein alternative could transform and potentially play a crucial role in our food systems.
Over the last four years, Phycom has built two production facilities in Veenendaal, the Netherlands, which it says prove the technology and scalability of microalgae production.
The investment is set to propel the Phycom team in all levels of the organisation and will help expand marketing activities and fund further technology development.
Eelco Benink, head of equity at Invest International, said: “Investing in Phycom fits perfectly with our AgriFood strategy, helping drive important change in the food system, thereby contributing to the SDGs. Stepping in this together with Invest-NL, the investment creates direct jobs in the Netherlands, enabling the company to develop an international expansion plan.”
Strategic partner and president of Corbion Algae Ingredients, Ruud Peerbooms, commented: “At Corbion, we unleash the power of algae fermentation to enhance nutrition while preserving the world’s limited resources. Phycom’s shown capabilities offer great potential, and we believe combining complementary strengths through this collaborative partnership will help us continue to redefine what’s possible through algae-based technologies.”
Daan Meijer, investment associate of Invest-NL, added: “Invest-NL aims to accelerate the transition to a sustainable food system by investing in innovative technologies for alternative proteins. Microalgae’s role in this transition and Phycom’s unique technology and large-scale production make us exceptionally proud to add Phycom to our investment portfolio.”
The round also drew renewed support from all existing shareholders.