Dartmouth, Nova Scotia-based biotechnology firm Mara Renewables has secured an additional $9.1 million USD ($12.5 million CAD) from Chicago’s S2G Investments to expand its algae-based omega-3 oil globally. This equity financing extends the $39.5 million CAD raised in 2022, aimed at growth and research for its algae-based products. While CEO Harry Boot confirmed Clear Creek Investments as an investor, he provided no further details on the second close.
Founded in 2012 by billionaire John Risley, Mara produces oils rich in DHA, an omega-3 fatty acid rarely consumed in adequate amounts by those who don’t eat fish or enriched eggs. With wide commercial and cosmetic applications, DHA can serve as a nutritional supplement or food fortifier, such as in infant formula. Research highlights DHA’s critical role in brain development, with deficiencies linked to cognitive decline and health issues.
Mara intends to use the funding for team expansion and global market penetration in Asia, the Middle East, and North Africa, now having bases in Singapore, the UK, Saudi Arabia, and Latin America. Since joining as CEO in November 2023, Boot has stated that commercializing products is a key focus. The company has supplied its algae-based DHA products to major players like Nestlé, Marks & Spencer, and Ritual.
Under Boot’s leadership, Mara has grown its offerings through acquisitions, creating subsidiary brands like Algarithm, specialized in plant-based omega-3 oils and powders, and Humanativ Limited, which enriches meat and eggs via indirect animal feed. Targeting underserved markets and malnutrition in young children, Mara collaborates with the Indonesian government on a $28-billion USD free meal program for schoolchildren and pregnant women.
Mara sought S2G Investments due to its strong history in supporting sustainability-forward projects. Previously called S2G Ventures, the firm has backed brands like Beyond Meat and Sweetgreen. Mara’s growth initiatives occur amid challenges faced by Canadian AgTech and foodtech companies in scaling, as noted by the Canadian Food Innovation Network. Public grants form nearly a third of foodtech investments in Canada.
Mara is not planning to go public soon and instead focuses on global commercialization. The company’s future funding moves will hinge on sustainable growth needs. Boot noted that the long-term outlook of their investors supports this strategy.