Algatechnologies is a manufacturer of AstaPure, a natural antioxidant astaxanthin derived from algae, which possesses health benefits in several health conditions related to, joint and muscle function, skincare health and cardiovascular health.
Grovepoint CEO Leon Blitz said the firm believes there is a wide scope 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.
"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," Blitz added.
After completion of the transaction, Grovepoint partners Brad Fried and Leon Blitz will join the Algatechnologies Board.