MiAlgae, an Edinburgh, Scotland, UK-based biotechnology startup that applies advances in science and technology to improve food security and reduce the impact of humanity on the planet, raised £2.3M in funding.
The Conduit Impact Fund managed by Ascension led the round, investing £900,000, with new investor SIS Ventures putting forward £350,000. Having already previously invested, Equity Gap, Old College Capital and Scottish Enterprise all committed to additional funding, totalling over £1m.
The company intends to use the funds for team expansion and the completion of a commercial demonstrator facility near Stirling which will drive MiAlgae’s expanding commercial traction.
Established in 2016 and led by Douglas Martin, Managing Director, MiAlgae has created a solution to producing a sustainable source of Omega-3 for animal and human consumption – something which is currently produced by extracting the oil from billions of wild caught fish. The company has developed a novel biotechnology platform which uses low-value coproducts from the food and drink industry as a feedstock to initially grow microalgae rich in Omega-3 oils. Plans are already in place to commercialise other high-value compounds and pigments through expansion of the platform.
Initially the company is focused on the pet food sector with an eye on expansion into the aquaculture sector in the near future. Aquaculture is the largest consumer of fish oil produced globally which is used in fish feed.
FinSMEs
17/08/2022