Mara Renewables Corporation (Mara), a Canadian provider of sustainable plant-based nutritional and nutraceutical ingredients for human health, has announced the initial close of a $39.5 million ($30.8million US) equity raise.
The growth funding round was made possible by lead investor InvestEco Capital (InvestEco) and follow-on investors BDC Capital (BDC), Export Development Canada (EDC), MacKinnon, Bennett & Company Inc. (MKB), Thai Union Ingredients Co (Thai Union) and existing investors. As part of additional financing, Mara will also complete a second closing with Clear Creek Investments, LLC (CCI) in the coming month.
Mara is pursuing a path toward a more sustainable future through plant-based technology and advancing food and health security across the globe. The company’s ingredients are utilized by leading global infant nutrition, supplement, and food and beverage customers.
The executive team announced that the company will use this capital to rapidly expand its microalgae-based product portfolio. “Mara is very excited to finalize our growth capital phase,” said Arturo Ania, CEO of Mara. “This new investment will allow us to continue our growth phase and expand our omega-3, protein, and other ingredient platforms.”
Since 2012, Mara has built an immense library of patents and attracted world-class science and engineering talent, resulting in the preservation of keystone species and the protection of fragile marine ecosystems. In 2021 alone, Mara supplied enough DHA-rich fatty acids to the supplement and food and beverage markets to offset an estimated 7.36 billion fish (anchovy).
Rabobank advised on the deal through its Equity Private Placements business which helps emerging food and agribusiness companies raise essential capital to accelerate their business growth. “As the leading food and agribusiness bank, we’re really proud to help Mara achieve this investment that will truly expand the reach of its innovative nutritional products,” said David Bassett, Head of Wholesale Banking North America, Rabobank.
“I am delighted that what began as a science project has matured into a real business with huge potential,” said John Risley, Mara founder and major shareholder. “We welcome our new investors and share their confidence in this incredible opportunity.”
“We believe that people five or ten years from now will be able to look back at what we are doing today and point to it as a moment where the future of food shifted toward something better,” added Mr. Ania.
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