aillargues, France’s Microphyt, a leading company in microalgae-based natural solutions for nutrition and well-being, has announced a fundraising of €28.5 million (US$32 million). This investment was co-led by Sofinnova Partners and Bpifrance, through the “Sociétés de Projets Industriels” fund (“SPI fund”), together with IXO-Private Equity and Sofilaro. The existing investors, Supernova Invest, Demeter Partners and Irdi Soridec are also participating in this new round.
The new funds will be used to accelerate the development of the company’s product portfolio, expand their sales network globally, as well as increase production capacity of their industrial platform.
Since 2009, Microphyt has been developing a proprietary production technology that makes it possible to access diversity while guaranteeing a high level of control and standardization. This patented process, developed in-house, is based on 5,000-litre tubular photobioreactors, which offer both high differentiation potential (access to a new diversity of species) and the ability to supply natural active ingredients in an industrial and standardized way.
A portfolio of 10 nutritional active ingredients and 20 cosmetic active and functional ingredients is being developed. To achieve this, Microphyt will strengthen its team and will significantly increase its ingredient production capacity over the next 18 months. “This new round is a major milestone in our development and we are pleased that recognized investors in the sector such as Sofinnova Partners and Bpifrance are joining us alongside our existing investors to accelerate our development and internationalization,” said Vincent Usache, CEO of Microphyt.
“Microphyt is exactly the type of company that Sofinnova Partners is looking for as a pioneering investor in industrial biotechnology: thanks to its proprietary technology platform and unique production capacity that allows access to the exceptional biodiversity of microalgae, the company is in an ideal position to become one of the world leaders in natural ingredients dedicated to nutrition and well-being,” said Denis Lucquin, Managing Partner of Sofinnova Partners.