Minrav algae unit Qualitas raises $10m

Avraham Kuznitsky Photo: Rafi Kutz

Minrav will invest $3 million and an owner's loans will be converted to equity with the Israeli company's stake in the food-tech startup climbing to 58%.

Minrav Holdings Ltd. (TASE: MNRV) algae unit Qualitas has raised $10 million in a financing round led by food-tech venture capitalist PeakBridge. Qualitas raised the money at a company valuation of $73 million, after money. Minrav holds a 54% stake in Qualitas and the current valuation of the food-tech startup is similar to the valuation of NIS 124 million for its stake, which Minrav reported in its financial results at the end of 2019.

Based in Texas, Qualitas is managed by CEO Miguel Calatayud. With farms in Texas, New Mexico and Mexico, the company develops and markets food additives produced from algae and in particular Omega 3.

In the current financing round, PeakBridge will invest $5 million, while three other investors will invest $2 million between them. Minrav will invest $3 million and an owner's loans will be converted to equity with the Israeli company's stake in Qualitas climbing to 58%.

Minrav is controlled by chairman Avraham Kuznitsky.

Published by Globes, Israel business news - en.globes.co.il - on December 29, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Avraham Kuznitsky Photo: Rafi Kutz
Avraham Kuznitsky Photo: Rafi Kutz
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