MiAlgae raises £1m in seed funding to scale microalgae production and expand facilities.
The financing round was supported by Equity Gap, Scottish Investment Bank, Old College Capital and Hillhouse Group.
Edinburgh based biotech startup MiAlgae transforms whisky distillation co-products into nutrient rich microalgae for animal and fish feed. The company uses this circular approach to offer a sustainable alternative to wild fish stocks.
Edinburgh based biotechnology firm MiAlgae has secured £1m in seed funding to advance the commercialisation of its microalgae production process. The round was backed by existing investors Equity Gap, Scottish Investment Bank and Old College Capital, alongside new participant Hillhouse Group.
The capital will be directed towards expanding the firm's operational footprint, including doubling its business premises and commissioning a new demonstrator plant in East Lothian. MiAlgae also plans to grow its headcount with five new hires over the coming year.
The company repurposes waste from the whisky industry to cultivate omega 3 rich algae, serving the aquaculture and pet food markets. This latest infusion of capital allows the business to scale operations as demand for sustainable feed alternatives increases globally.
From the founder
"I am really pleased that with this investment we can turn our attention to growing the business. We plan to target the pet food and aquaculture industries with our sustainable, ocean-friendly, algae-derived omega 3."
Douglas Martin
Founder at MiAlgae
Investor perspective
"MiAlgae has essentially taken a by-product from one industry and turned it into a solution for another industry. Through the application of biotechnology, MiAlgae is finding solutions to feed the world’s population, and with the global aquaculture industry set to double in size in the next ten years, this is a very promising business indeed."
Andrew Vernon
Representative, Hillhouse Group
Use of funds
- 01Grow the team
- 02Build out infrastructure
Investors
Fraser Lusty
Equity Gap
Kerry Sharp
Scottish Investment Bank
Old College Capital
Andrew Vernon
Hillhouse Group
