Mara Renewables Corporation, Dartmouth, N.S., has announced the successful initial close of a $39.5 million equity raise. The growth funding round was made possible by lead investor InvestEco Capital and follow-on investors BDC Capital, Export Development Canada (EDC), MacKinnon, Bennett & Company (MKB), Thai Union Ingredients Co and existing investors. As part of additional financing, Mara will also complete a second closing with Clear Creek Investments in the coming month. Mara’s executive team announced that the company will use this capital to expand its micro-algae based product portfolio.
As one of the world’s leading producers of sustainably grown algae-based bio-products, Mara has built a portfolio of microalgal strains, some processed using a clean, environmentally friendly extraction method to develop high quality algal oil. Approved by multiple regulatory and certification bodies around the world, including the Non-GMO Project, Health Canada and the European Food Safety Authority, Mara’s ingredients are utilized by global infant nutrition, supplement and food and beverage customers.
“Mara is very excited to finalize our growth capital phase,” said Arturo Ania, CEO of Mara. “This new investment will allow Mara to continue our aggressive growth trajectory and further expand new R&D initiatives into commercial products. 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.”
“InvestEco is delighted to be part of Mara Renewables, a unique Canadian company developing technology to advance health and sustainability worldwide,” said Andrew Heintzman, managing partner of InvestEco Capital Corp.