Begin-up offering sustainable Omega-3 secures £2.3m funding

Edinburgh-based biotechnology start-up MiAlgae has secured additional funding of £2.3m to assist drive the subsequent stage of its progress journey.

Established in 2016, the agency says it has created an answer to producing a sustainable supply of Omega-3 for animal and human consumption – one thing which is at present produced by extracting the oil from billions of untamed caught fish.

Championing the round financial system, the corporate has developed a novel biotechnology platform which makes use of low-value coproducts from the foods and drinks trade as a feedstock to initially develop microalgae wealthy in Omega-3 oils.

Plans are already in place to commercialise different high-value compounds and pigments via enlargement of the platform.

The Conduit Affect Fund managed by Ascension led the spherical, investing £900,000, with new investor SIS Ventures placing ahead £350,000.

Having already beforehand invested, Fairness Hole, Outdated School Capital and Scottish Enterprise all dedicated to extra funding, totalling over £1m. The funding builds on the £850k of grant funding just lately secured from Zero Waste Scotland and Scottish Enterprise.

The £2.3m funding will assist the corporate in its progress plans which embrace the completion of a industrial demonstrator facility close to Stirling which is able to drive MiAlgae’s increasing industrial traction.

Initially the corporate is concentrated on the pet meals sector with a watch on enlargement into the aquaculture sector within the close to future. Aquaculture is the biggest shopper of fish oil produced globally which is utilized in fish feed.

The funding may even assist develop the staff at MiAlgae and improve its experience. Ten new posts, together with a Head of Engineering and Business Director, might be created.

Douglas Martin, Managing Director at MiAlgae, stated: “It’s extremely thrilling to know that our traders see worth within the biotechnology platform we’ve developed to deal with the manufacturing of omega-3 oils in a commercially viable approach.

“Our course of is championing the round financial system and the funding now we have secured might be transformational in serving to MiAlgae scale rapidly each regionally and overseas.

“Our industrial demonstrator plant, as a consequence of be accomplished early in 2023, will assist us enhance meals safety globally, whereas our analysis division continues to drive the event of thrilling, commercially viable biotech improvements.”

Hadley Diest, Funding Supervisor on the Conduit Affect Fund, stated: “MiAlgae’s round financial system method to producing algae wealthy in Omega-3 solves key ache factors on the provision (Scotch Whisky distilleries) and demand (pet meals and fish feed producers) sides – to each eliminate Scotch byproducts sustainably and improve the provision of sustainably sourced, price-competitive, Omega-3 into the broader market.

“Douglas and his staff have labored tirelessly to convey this imaginative and prescient to life and the Conduit Affect Fund is proud to assist assist MiAlgae of their subsequent stage of economic progress.”

Rob Halliday, Senior Funding Supervisor at SIS Ventures stated: “MiAlgae is a superb addition to our multi-award successful portfolio of modern mission pushed companies. We consider in MiAlgae’s mission to turn into a world chief in biotechnology for good, and, by enhancing meals safety and decreasing the affect of humanity on the planet via sustainable omega-3 manufacturing MiAlgae, will ship necessary societal and environmental affect aligned to a few of the United Nations Sustainable Improvement Targets – life beneath water, good well being and wellbeing, and accountable consumption and manufacturing.

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