Grovepoint invests in astaxanthin producer in Israel

The London-based private investment firm Grovepoint, will be acquiring a majority stake in Algatechnologies Ltd, a company in Israel that specialises in cultivating microalgae for commercial use, and the manufacturer of AstaPure natural astaxanthin.

A potent antioxidant, astaxanthin has been proven beneficial in relieving conditions related to joint and muscle function, skincare health, and cardiovascular health. It is a common ingredient in several Japanese health food products, and is finding its way to markets in Europe and the United States as benefits become more familiar to consumers.  

 “Grovepoint believes there is significant potential to grow the range of products where astaxanthin is the key ingredient and to fully exploit the potential of microalgae derived products for other commercial applications,” says Leon Blitz, CEO. “Grovepoint will be making additional capital available for growing the existing business, marketing the company’s ‘Astapure’ brand around the world and investing in R&D, so that new algae derived products can be brought to market.” Following the transaction, Grovepoint partners Brad Fried and Leon Blitz will join the Algatechnologies Board.

“Astaxanthin is a distinctive product, whose properties as an antioxidant are increasingly well understood, added Mr Blitz. “We believe astaxanthin and other microalgae based products have a great future and look forward to working with the Algatechnologies team to maximise their potential. It is our intention to build the company by increasing its R&D capacity and expanding its distribution.”

“We have been looking for an investor with the financial expertise and commercial instincts to accelerate Algatechnologies’s development,” explains Ed Hofland, chairman of Algatechnologies. “In Grovepoint we have found a partner who shares our enthusiasm for microalgae and has a clear vision in terms of maximizing its commercial potential.”

NIKE AIR HUARACHE