Microalgae nutrition and cosmetics firm raises $15.7 million

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In France, Microphyt, a producer of microalgae-based natural solutions for nutrition and well-being, has announced a Series B fund raise of €15 million (US$15.7 million)

Microphyt says the funds will be used to accelerate new product development and commercialization of its portfolio as well as to increase production of Microphyt’s industrial platform in Baillargues.

Microphyt has launched 5 new ingredients over the last 18 months. In Advanced Beauty, cosmetic actives ingredients like Renouvellance™, Luteana™ and Phycosi™ are increasingly used by cosmetic brands worldwide. In Novel Nutrition, Microphyt launched the only clinically validated natural ingredient specifically designed for e-gamers in the dietary supplement market in the US, Gamephyt™, as well as Brainphyt™ a new ingredient that improves the well-being of the elderly.

The round was led by L’Oréal through its venture capital fund BOLD Business Opportunities for L’Oréal Development and supported by Microphyt’s current investors Bpifrance, through the Sociétés de Projets Industriels (SPI) fund, Sofinnova Partners, IXO-Private Equity, Supernova Partners, IRDI and Sofilaro.