Pet food biotech start-up secures millions in funding
Edinburgh-based MiAlgae closed a round of £2.3m ($2.7M), which will help the company to build a commercial demonstrator plant by 2023.
The investment will support the company in its growth plans, including the completion of a commercial demonstrator facility near Stirling which will drive MiAlgae’s expanding commercial traction.
The investment will also help to grow the team at MiAlgae and increase its expertise, with ten new management appointments.
“It’s incredibly exciting to know that our investors see value in the biotechnology platform we’ve developed to tackle the production of omega-3 oils in a commercially viable way,” said Managing Director Douglas Martin.
The company is focused on the pet food sector with an eye on expansion into the aquaculture sector in the near future.
Established in 2016, MiAlgae has developed a novel biotechnology platform that uses low-value coproducts from the food and drink industry as a feedstock to initially grow microalgae rich in Omega-3 oils.