Investments & Finance

French Algae Startup Algama Foods Receives €2M Grant From the European Commission

Algama Foods, the French startup created in 2013 focusing on the replacement of animal proteins by microalgae, is the winner of the FEAMP 2020 Blue Economy Window call for projects launched by the European Commission. This €2 million grant is aimed at creating alternatives to products from fishing and aquaculture.

With this funding, Algama plans to finalise the R&D of its “Seafood Algternative” innovation, a vegan range of products imitating smoked salmon strips and tuna flakes. The grant will also allow Algama to recruit around 20 people to support the growth of this forward-looking project.

Salmon strips, Algama Foods
Salmon strips © Algama Foods

The blue economy and in particular SMEs play a crucial role in supporting coastal communities and decarbonisation in Europe. Launched on 26 March 2021 under the European Maritime Affairs and Fisheries Fund (EMAF), the European call “Blue Economy Window – 2020” is designed to support the market introduction of new products, services and business models to develop a European, sustainable and innovative blue economy. Aimed exclusively at innovative SMEs in the maritime sector, this grant, with an initial amount of €20 million, selected 11 projects, including Algama’s.

“This financial support from the European Commission validates our strategy, initiated several years ago, to develop 100% plant-based and textured food solutions thanks to algae and microalgae. This new generation of products is a real breakthrough compared to current initiatives on the market, Seafood Algternative is a credible and scalable response to the major food challenges”, said Alvyn Severien, CEO & co-founder of Algama.

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