Phycom receives funding to accelerate growth
An exhibitor at The Future of Protein Production LIVE! Conference & Exhibition, Phycom, has announced an investment of more than €9 million (US$9.67 million) from key partners, including Corbion, Phase2.earth, Invest-NL, and Invest International. The investment round secures microalgae cultivation with constant, top-tier quality on an industrial scale.
All parties involved in this investment value Phycom’s distinctive technology for large-scale microalgae cultivation and advocate its systems’ cost-effectiveness and sustainability principle. As microalgae can transform and potentially play a crucial role in our food systems, investors support Phycom’s products and their promise for the food transition by providing this sustainable protein alternative.
“At Corbion, we unleash the power of algae fermentation to enhance nutrition while preserving the world's limited resources," said strategic partner and President of Corbion Algae Ingredients, Ruud Peerbooms: "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."
"Through this investment, Phase2 has taken a step to strengthen our portfolio in the food transition. Microalgae will be a key ingredient in the foods of the future and will contribute to a more sustainable world,” added Boudewijn Poelmann, Phase2.earth's Founder.
"Invest-NL aims to accelerate the transition to a sustainable food system by investing in innovative technologies for alternative proteins," stated Daan Meijer, Investment Associate of Invest-NL. "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."
“Investing in Phycom fits perfectly with our AgriFood strategy, helping drive important change in the food system, thereby contributing to the SDGs," commented Eelco Benink, Head of Equity at Invest International. "Stepping in this together with Invest-NL, the investment creates direct jobs in the Netherlands, enabling the company to develop an international expansion plan. An excellent example of Dutch solutions for global challenges.”
Apart from new investors, this round also drew renewed support from all existing shareholders.
The Phycom team has spent the past four years building two production facilities in Veenendaal, proving the technology and scalability of microalgae production. This investment paves the way for intensifying the Phycom team on all levels of the organization. With this, the appointment of new complementary board members is also on the horizon. Additionally, it will help expand marketing activities and fund further technology development.
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