Thailand Digest: Thai Union Ventures backs Algama Foods; depa Thailand invests in ZTRUS

Thailand Digest: Thai Union Ventures backs Algama Foods; depa Thailand invests in ZTRUS

Thiraphong Chansiri, CEO of Thai Union Group

French microalgae producer Algama Foods has raised 13 million euros ($14 million) in a Series A funding round from investors including Thai Union Ventures, while depa Thailand has invested in ZTRUS, a Bangkok-based automatic document processing service platform.

France’s Algama Foods raises $14m from Thai Union Ventures

France-based microalgae producer Algama Foods has raised 13 million euros ($14 million) in a Series A funding round from investors including Thai Union Ventures, the corporate venture capital (CVC) arm of Bangkok-listed seafood giant Thai Union.

Thai Union invested alongside Mexico-based food major Grupo Bimbo as well as European and US investors, including Noshaq, Newtree Impact, and Beyond Impact Advisors.

“Algae, as a sustainable marine ingredient, is aligned with our goals. Algama and its team have strong tech and commercial capabilities to create a positive impact on the protein industry,” said Thiraphong Chansiri, president and CEO of Thai Union in a statement.

Algama, which has a presence in France, the US, and Belgium, produces alternatives for animal products—egg substitutes, salmon strips, and tuna flakes. The startup notched a 2 million-euro grant from the European Commission in 2021.

Founded in 2019, Thai Union Ventures has been actively investing in early-stage funding rounds of food and biotechnology startups to create value-added products for its parent company. In December, the CVC arm participated in the Series A financing of a UK-based medical biotech company called Jellagen, which raised 8.7 million pounds in the round.

State-owned depa Thailand backs ZTRUS

The Digital Economy Promotion Agency (depa Thailand), Thailand’s government-owned digital startup accelerator, has invested in ZTRUS, a Bangkok-based automatic document processing service platform, via its dedicated fund for startups depa Digital Startup Fund.

Other backers in the round include Thailand-based technology company Winserve Corporation and InnoSpace, the Thai government’s startup accelerator.

The fresh capital will be spent on improving ZTRUS’s platforms, such as document management systems and electronic management systems. The company said in a statement that it will expand its client base to include accounting firms and SMEs.

In April 2020, the startup had raised a seed round from NVEST Venture, the private equity fund of the Government Savings Bank, and Stock Exchange of Thailand (SET). The quantum of the funding was undisclosed.

ZTRUS is working on its Series A fundraising of around $1.67 million, which will bring the company’s valuation up to $10 million, Panachit Kittipanya-ngam, co-founder of ZTRUS, told Technode Global in an interview in June last year.

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