Dartmouth, Nova Scotia-based Mara Renewables has secured $12.5 million CAD in new funding from S2G Investments to accelerate global commercialization of its algae-derived omega-3 oils.
The equity investment follows a previous $39.5M CAD raise in 2022, bringing the company’s total private funding to over $50 million.
Sustainable omega-3 alternative for nutrition and food fortification
Founded in 2012 by Clearwater Seafoods co-founder John Risley, Mara Renewables develops docosahexaenoic acid (DHA) from algae — a fish-free, plant-based omega-3 used in supplements, cosmetics, and fortified foods. With growing demand for alternatives to fish-derived DHA, Mara’s products are now used in applications ranging from infant formula to enriched meats and eggs.
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Commercial traction with Nestlé, Marks & Spencer, and Ritual
Under CEO Harry Boot, who joined in 2023, Mara Renewables has signed customers including Nestlé, Marks & Spencer, and Ritual. Its operations span the UK, Singapore, Saudi Arabia, and Latin America, with a strong focus on high-impact nutrition programs. The company is in talks with the Indonesian government to integrate DHA into a $39B CAD national school meal program for children and pregnant women.
Building a global algae platform through M&A
Mara Renewables has expanded through two key subsidiaries: Algarithm, which supplies plant-based omega-3 oils and powders; and Humanitiv, a joint venture with Devenish Nutrition producing DHA-enriched animal products. Both are helping Mara broaden distribution across food, health, and sustainability sectors.
Canadian foodtech outlier in a funding-constrained market
While many Canadian foodtech startups rely on public grants, Mara’s ability to secure private growth capital bucks the trend. CEO Boot said the company is not planning to go public in the near term, and will continue to evaluate fundraising based on long-term sustainability and scale.
“S2G has backed major players like Beyond Meat and Sweetgreen,” Boot said. “They understand what it means to build something sustainable — for both people and the planet.”
