Omega-3 innovator MiAlgae raises £2.3m for expansion
Scottish biotechnology company MiAlgae, which produces omega-3 from microalgae fed on wastewater from low-value co-products from the food and drink industry, has secured new investment of £2.3 million.
The money will support the completion of a commercial demonstrator facility near Stirling, and will also help grow the team at MiAlgae, which currently employs around 20 people. The company plans 10 new posts, including a head of engineering and commercial director.
The latest investment builds on £850,000 of grant funding recently secured by Edinburgh-based MiAlgae from Zero Waste Scotland and Scottish Enterprise.
Scaling quickly
MiAlgae is currently focused on supplying omega-3 for the pet food sector, with an eye on expansion into the salmon feed sector in the near future.
Managing director Douglas Martin said: “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.
“Our commercial demonstrator plant, due to be completed early in 2023, will help us improve food security globally, while our research department continues to drive the development of exciting, commercially viable biotech innovations.”
New and repeat investors
As well as producing omega-3, MiAlgae has plans in place to commercialise other high-value compounds and pigments through expansion of the platform.
The Conduit EIS (Enterprise Investment Scheme) Impact Fund, managed by seed funder Ascension, led the latest funding 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 more than £1 m.
