Seafood giant Thai Union Group is investing CAD 10 million (€7.4 million/$7.8 million) in Canada-based micro-algae ingredients producer Mara Renewables Corporation.

The investment forms part of Mara’s CAD 39.5 million (€29.3 million/$30.8 million) growth funding round.

Thai Union is joining other financial partners to accelerate the expansion of Mara’s portfolio of micro-algae products, and as part of the deal will appoint one representative to join Mara’s board of directors.

Mara, based in Nova Scotia, Canada, is a producer of sustainably grown algae-based bio-products.