Biotechnology agency MiAlgae has secured £14 million in funding to advance its operations and scale manufacturing. The corporate says it has efficiently reached commercial-scale of its sustainable marine Omega-3 product, NaturAlgae, at its demonstrator website in Scotland.
Over the previous 30 years, the worldwide aquaculture business has expanded greater than fivefold to assist feed the rising world inhabitants. Nevertheless, the availability of fish oil, which is the first supply of Omega-3s for farmed fish, has remained stagnant at round a million tons per yr. This fish oil is derived by harvesting 20 million tons of wild-caught fish yearly, a follow that’s each unsustainable and dangerous to marine ecosystems. Because of this, Omega-3 ranges in farmed salmon have plummeted to the naked minimal required for his or her well being. The business urgently wants to search out various Omega-3 sources to scale back its harmful dependence on dwindling wild fish shares.
The 2023 launch of MiAlgae’s demonstrator website has confirmed the viability of its cutting-edge method. By repurposing nutrient-rich by-products from whisky distillation, the corporate grows microalgae, offering an eco-friendly supply of Omega-3s. This breakthrough positions MiAlgae to revolutionise the market by providing a substitute for the existent unsustainable product derived from wild-caught fish.
Constructing on this success, MiAlgae is now gearing as much as take the following step with the event of an industrial scale manufacturing facility in Scotland. The brand new website will allow full commercialisation of NaturAlgae, assembly rising demand throughout the aquaculture, pet meals, and human well being sectors for sustainable Omega-3s. This enlargement will enhance MiAlgae’s manufacturing capability, gas its world progress, and create new ‘green’ jobs.
MiAlgae mentioned the latest funding spherical will finance the brand new facility’s growth, pace up additional commercialisation, and assist crew progress with strategic hires.
“This investment marks a significant milestone for MiAlgae,” mentioned Douglas Martin, CEO of MiAlgae. “The success of our demonstrator site has validated our technology at scale, attracting serious international support. With this backing, we’re focused on building the infrastructure needed to meet the growing global demand for sustainable Omega-3s whilst continuing to advance innovation in biotechnology.”
New enterprise capital buyers SWEN Blue Ocean, Clay Capital, and Rabo Ventures joined present backers Fairness Hole, Outdated Faculty Capital, Social Funding Scotland (SIS) Ventures, Ananke Ventures, Ascension Ventures, and Scottish Enterprise, who’ve adopted their cash, on this oversubscribed spherical.
Christian Lim, Managing Director of SWEN Capital Companions, mentioned: “The Blue Ocean Fund targets startups tackling threats to our oceans such as overfishing, pollution, and climate change. MiAlgae’s innovative microalgae fermentation addresses the omega-3 supply gap with a scalable, sustainable alternative to fish oil. The market is ready, and we’re excited about their potential impact.”
Ali Morrow, Companion at Clay Capital, mentioned: “MiAlgae stands out by combining technology and market demand to address the growing need for fish oil alternatives. As fish stocks decline and prices rise, MiAlgae’s approach is poised for global impact, and we’re excited to see it unfold.”
Shishir Sinha, Director at Rabo Ventures, mentioned: “The animal feed industry has long sought scalable solutions to reduce the industry’s reliance on wild fish. Douglas and the MiAlgae team have cracked it, with their drop-in omega-3 product. We’re excited to leverage Rabobank’s expertise and network to accelerate their impact globally.”
