Israel-based Gan Shmuel Foods Ltd. made an additional second investment for $2.5 million in TransAlgae. The company has already invested in TransAlgae a total of $10.56 million through a convertible loan that has already been converted. 

“The investment by Gan Shmuel Foods is a vote of confidence in both TransAlgae disruptive microalgae-based oral delivery technology and its management leadership following TransAlgae business progression,” the company said.

TransAlgae uses the microalgae as a factory system for drug production and as a novel bio-encapsulation system, enabling safe delivery of the drug or the vaccine to the target animal through its feed. The company recently signed a deal with Virbac to shape the future of vaccination in aquaculture with its disruptive microalgae-based oral delivery technology.

TransAlgae was invested, so far, with approximately $35 million and currently is in a fundraising round for $27 million globally led by KPMG.