MiAlgae secures £500k seed funding from Equity Gap, Scottish Investment Bank, and Old College Capital to build a pilot plant.
The funding round was led by Equity Gap alongside co-investors to build a pilot plant and expand the team.
Share allotment filed at Companies House
Edinburgh based biotechnology start up producing sustainable Omega 3 from food and drink coproducts.
Edinburgh based startup MiAlgae has secured £500k in seed funding from a consortium of investors to scale its sustainable microalgae production technology. The round was backed by Equity Gap, the Scottish Investment Bank, and Old College Capital.
The capital will support the company as it builds a pilot plant at a whisky distillery and grows its headcount from two to five employees. Founded by Douglas Martin, the firm uses whisky co-products to cultivate algae rich in omega-3 for the aquaculture and animal feed sectors.
From the founder
"This is a huge deal for us,"
Douglas Martin
Managing Director at MiAlgae
Investor perspective
"This is an exciting new equity investment for Scottish Enterprise into a company that has utilised the circular economy to make an innovative and valuable product. The funding round will also allow high value R&D employment opportunities to be created in rural Scotland with the roll out of the new pilot plant."
Kerry Sharp
Director, Scottish Investment Bank
Use of funds
- 01Grow the team
- 02Build out infrastructure
