MiAlgae said it will apply the investment toward commercializing the sustainable ingredient for use in pet food and aquaculture applications.

Citri-Fi from Fiberstar can be used to bind, texturize, retain moisture and more in semi-moist pet treats, biscuits, wet canned or chub-rolled pet foods, and injection-molded bones.

Wild Earth reported the funds are being used to accelerate product development of its koji protein and expects its dry kibble pet food to be on shelves later in 2019.