MiAlgae hires new finance chief as it plans major expansion
Scotland-based omega-3 producer MiAlgae has appointed Simon Durrant as chief financial officer (CFO) as it prepares for significant expansion.
MiAlgae’s circular technology repurposes by-products from whisky production to grow microalgae naturally rich in omega-3s, essential nutrients for aquaculture, pet food, and human health. By transforming industry waste into a high-value resource, the company reduces environmental impact whilst offering a scalable, sustainable alternative to fish-derived omega-3s.
Durrant joins the company at a pivotal time, with plans under way to launch an industrial-scale production facility in Scotland later this year that is estimated to create up to 100 green jobs.
Formerly investment director at the University of Edinburgh’s venture fund Old College Capital (OCC), Durrant brings over a decade of financial experience in high-growth and sustainability-focused businesses. He is a chartered accountant with a BA in Economics from the University of Cambridge and his background spans strategic consultancy, accountancy, and early-stage investment, which MiAlgae says makes him ideally placed to help deliver the company's next phase of expansion.
A strategic mindset
Last year, MiAlgae reached commercial scale production at its Scottish demonstrator site and was shortlisted for Prince William's Earthshot Prize for its circular solution that offers a cost-effective alternative to fish-based oils.
MiAlgae chief executive Douglas Martin said: “Simon’s strategic mindset and deep financial expertise will be invaluable as we scale our operations, expand internationally, and reinforce our role as a global leader in sustainable biotechnology.”
Durrant said: “MiAlgae’s vision for sustainability and what the team has already achieved is inspiring. It’s rare to find a solution that is so compelling from both an environmental and economic perspective, so I couldn’t resist the opportunity to join at such a critical and exciting stage of the journey. I look forward to overseeing the finance function and supporting the business as we drive growth.”
MiAlgae was founded by Martin in 2016 while studying biotechnology at the University of Edinburgh. He was supported by Edinburgh Innovations, the University’s commercialisation service, which also manages Old College Capital.
Old College Capital also took part in MiAlage's £1 million fundraise in 2020, a £2.3m capital raise in 2022, and MiAlage's oversubscribed £14m capital raise in September last year.
