Microphyt raised €29m to sell Microalgae cosmetics & supplements

French biotech firm Microphyt has raised €28.5m in order to commercialise cosmetic, nutritional and supplementary products harvested from microalgae. The money will be used over the next 18 months to expand both Microphyt's workforce and industrial capacity so to push its microalgal cosmetics and ingredients to the market.

The company has been developing technology to overcome a common problem associated with the harvesting of microalgae. Many species are too fragile to cope with the mechanical stresses of mass industrial production. This limits the types of microalgae and molecules that can be produced. Microphyt’s photobioreactors are designed to minimise sources of mechanical stress, such as gas bubbles, therefore allowing a larger range of products.

“For several years now, Microphyt was actively committed to unlocking the full potential of microalgae’s amazing diversity through our unique technology platform,” said Microphyt CEO, Vincent Usache. “With this funding, we will speed up the development and supply of novel natural products.”

One of Microphyt’s projects is to develop microalgal food supplements aimed at tackling cognitive decline in the elderly and obesity. The company aims to have the food supplements ready for market by 2021.

Several European companies are working on technology to exploit the properties of microalgae. As well as having uses in both food and cosmetics, the tiny organisms are a potential alternative source to petrochemicals and can be used in fuel, plastics, and bitumen.

However, there are still various hurdles to be overcome before the bio-based industry gets into its stride in Europe, most notably regulatory issues and a lack of funding. The large funding achieved by Microphyt is already being read as a sign of increased investor interest in the burgeoning microalgae industry. 

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