March 16, 2016

Algae-based fuel supplier, Solazyme, announced it is changing its name to TerraVia as it shifts its focus solely to food, nutrition, and specialty ingredients. To fund the transition, the company has undertaken a strategic funding round of approximately $28 million in new preferred shares from a group of leading food and nutrition investors, including Glenhill Capital, VMG Partners, PowerPlant Ventures, ARTIS Ventures, Simon Equities, former CEO of Ventura Foods, Jack Davis, and founder and former CEO of Vega, Charles Chang.

“Over more than 13 years we have invested in developing a unique understanding and expertise around algae,” said Johnathan Wolfson, company CEO and co-founder. “Today the pieces are in place for the Company to fulfill its mission and create substantial value for customers and shareholders.”

The company’s current portfolio of food and nutritional products includes AlgaVia Whole Algae Ingredients, AlgaWise Algae Oils – cooking oils that are being used in products manufactured by Utz, Hormel, So Delicious, Soylent, Follow Your Heart, and Enjoy Life – animal nutrition ingredients, and specialty personal care ingredients, including AlgaPur Oils, according to Algae Industry Magazine.

Jonathan Wolfson, will be appointed chairman of the board of directors as the company searches for a new CEO who will fit with the company’s new business strategy revolving around food. Once found, Wolfson will then be appointed Executive Chairman.

To help guide the company’s transition and to lend expertise in the food industry, Irene Chang Britt, former president of Pepperidge Farm, and former senior executive with companies including Campbell’s Soup, Kraft, and Nabisco will join TerraVia’s board of directors.

“There are opportunities for our algae-based ingredients across every aisle of the grocery store, driven by consumer demand for clean labels and an increasing focus on plant-based foods with great taste,” Mark Brooks, SVP and General Manager of Food Ingredients at Solazyme told Algae Industry Magazine.  “We are enhancing a new generation of foods that deliver better flavor and nutrition, including healthier fats and enhanced protein, fiber and micronutrients.”