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WFW advises Algama on its first round of fundraising

31 May 2016

EN | FR

International law firm Watson Farley & Williams (“WFW”) has advised Algama, a food technology start-up, in connection with its first round of fundraising which resulted in funding of €3.5m of which €2m was provided by Hong Kong investment fund Horizon Ventures.

Algama, which is based in the Ile de France region, was founded in 2013 by Mathieu Goncalves, Gaëtan Gohin and Alvyn Severien. It specialises in the use of micro algae in food and has already launched a drink called “Springwave” made from spirulina, as well as a range of egg-free sauces using powdered microalgae. This new fundraising will enable Algama to proceed with the launch of new products and develop its export business by targeting mature markets such as North America and Asia with the help of its new investor.

Horizon Ventures has for more than twenty years been investing in innovative sectors such as food technology and healthcare as well as digital networks (Facebook, Spotify, Wage, Skype, etc).

Founder Alvyn Severien said:  “We are very pleased to have the support of Horizon Ventures especially as this is their first investment in France.  This money will help us continue to grow our international business and to assure our leading position in the sector of micro-algae food derivatives”.

The WFW Paris team advising Algama was led by partner Pascal Roux, co-ordinator of the Innovation & Technology team, assisted by Anne-Kelly d’Amécourt (senior associate) and Pierre Chipaux (associate).

Pascal commented: “The results-driven approach of Algama’s founders and of Horizon Ventures ensured the deal went smoothly.  This deal fits perfectly with the Innovation & Technology team set up by our firm whereby we are able to assist on innovative and truly international projects”.

The WFW Innovation & Technology team provides start-ups, fast growing companies and investment funds working in the innovation sector with practical advice throughout their business cycle from initial fundraising to exit strategies, as well as on issues ranging from tax, regulations and employment law to intellectual property rights and contracts. All the team’s lawyers have significant experience advising companies in the energy and cleantech, real estate, mobility, digital, health (including medtech and biotech), foodtech, robotics and other advanced sectors. In Paris, team members have recently advised start-ups Onefinestay (a luxury apartment/home rental platform), Oldecomm (a pioneer in Li-Fi technology) and Homunity (a real estate crowdfunding platform).

More information can be found at www.wfw.com/innovation.