MiAlgae secures £2.3m to scale its circular biotechnology platform
The funding was led by The Conduit Impact Fund alongside participation from SIS Ventures, Equity Gap, Old College Capital and Scottish Enterprise.
Share allotment filed at Companies House
Edinburgh based biotechnology start up producing sustainable Omega 3 from food and drink coproducts.
Edinburgh based biotechnology firm MiAlgae has raised £2.3m in fresh capital to advance the commercialisation of its circular economy platform. The funding round was led by The Conduit Impact Fund, managed by Ascension, which contributed £900k, alongside new investor SIS Ventures with £350k. Existing backers Equity Gap, Old College Capital and Scottish Enterprise provided the remaining balance of over £1m.
The capital will be directed towards finalising a commercial demonstrator facility near Stirling and expanding the firm's headcount with ten new roles, including engineering and commercial leadership positions. The company currently targets the pet food market with plans to enter the aquaculture sector, aiming to alleviate reliance on wild caught fish for Omega 3 extraction.
From the founder
"Our process is championing the circular economy and the investment we have secured will be transformational in helping MiAlgae scale quickly both locally and abroad."
Douglas Martin
Managing Director at MiAlgae
Use of funds
- 01Grow the team
- 02Build out infrastructure
- 03Expand into international markets
