Spira Inc. Announces Start of Fundraise to Expand Sustainable Alternative to Artificial Colors

Consumer Goods
February 10, 2023

Spira Inc., a biotech startup creating a healthy and sustainable alternative to artificial colors using algae, announced that it will be raising $3 million in equity financing to expand its reach and bring its products to a wider market.

Spira is a company dedicated to transforming extractive industries into regenerative ones, driven by healthy and sustainable algae-based products. The company has generated hundreds of thousands of revenue over the past few years and recently raised a $1 million pre-seed round. With a network of 83 farms that can produce over 400 metric tons of algae each month, they've made a half-dozen products that have sold to thousands of clients in food, cosmetics and textile industries.

The $3 million that the company is raising will allow them to expand their reach and make their products more readily available to a broader audience, particularly in the cosmetic industry. It will also enable them to introduce even more algae-based compounds to the market.

The company has stated that their aim is to make their products available in all primary natural colors to replace petrochemical colors. They are also committed to working with a global network of farms so that they can source healthy materials for people and the planet to reinvent the supply chain.

Brief overview of Spira Inc.:

Spira Inc. is a biotech startup that uses genetically engineered algae to replace extractive industries. With a network of 83 farms producing 400mT of algae monthly, they create sustainable and healthy products to supply food and cosmetic companies with natural pigments. They recently announced that they are raising $3m to bring their products to a broader market and will be offering Spira Blue, Green, Red and Yellow to the public.

Additional Background + Images: https://drive.google.com/drive/u/1/folders/1P7ckFplAfgi4qjKIkW2MqC7J9yaa4DP4

Press Contact: Amanda Presgraves
Email: amanda@spirainc.com

Source: https://www.spirainc.com/news/spira-inc-announces-start-of-fundraise-to-expand-sustainable-alternative-to-artificial-colors

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