MiAlgae, an Edinburgh, Sctoland, UK-based biotech startup, raised £1m in funding.
Backers included Equity Gap, Scottish Investment Bank and Old College Capital, alongside Hillhouse Group, a new investor in the business.
The company intends to use the funds to commercialize its microalgae product, targeting the global aquaculture and pet food industries, to double the size of its business premises, commission a demonstrator plant in East Lothian and make five new appointments in the next 12 months.
Founded by Douglas Martin in 2016, MiAlgae is a biotech business that uses co-products from the whisky distillation process to produce microalgae, which is high in omega 3 and other nutrients.
The algae can be used to sustainably feed fish and create animal food.
FinSMEs
08/01/2020