Globes, Israel business news reports that Minrav Holdings Ltd. algae unit, Qualitas Health, has raised $10 million in a financing round led by food-tech venture capitalist PeakBridge. Qualitas Health raised the money at a company valuation of $73 million, after the investment. Minrav holds a 54% stake in Qualitas Health.
Based in Texas, Qualitas Health is managed by CEO Miguel Calatayud. From facilities in Texas, New Mexico and Mexico, the company develops and markets food additives produced from algae and, in particular, omega-3.
The Imperial, Texas, facility is the company’s primary biomass production site, located in the heart of the Permian Basin. The site is on 360 acres, 45 of which are currently used for cultivation, with plans to expand the farm to 150 cultivated acres by 2021. The site also serves as their research and development facility.
Half a mile north of the border and nine miles west of Columbus, New Mexico, is their 900-acre site, currently with 98 acres in cultivation and a plan to expand the Columbus farm to 300 cultivated acres in the next few years. The site was originally developed by Sapphire Energy.
Qualitas’ extraction facility is located in central Mexico — in the heart of an agricultural and manufacturing area near Leon, Mexico. The company’s extraction method is ethanol based. The facility has 10,000 kg per day capacity, with room to expand in the future.
In the current financing round, PeakBridge will invest $5 million, while three other investors will invest $2 million between them. Minrav will invest $3 million and an owner’s loans will be converted to equity with the Israeli company’s stake in Qualitas climbing to 58%.
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