French foodtech startup Seafood Reboot has completed a €3.2 million ($2.9 million) pre-seed round for its algae-based seafood.

The Paris-based startup, which was founded last year, is in the process of developing plant-based seafood products.

The financing round was led by French venture capital firm Demeter Partners. Other investors include Paris-based accelerator and venture capital firm Senseii Ventures, French investment firm Founders Future Good and US-based investment firm Beyond Impact.

The investment will support the final stages of its R&D work, product market preparation and the construction of a pilot production facility scheduled to be operational in 2023.