A ‘micro-algae’ pet food startup has a received £500,000 investment from the Scottish Investment Bank (SIB) to enable the company to expand its team and build a pilot plant for its technology at a whiskey distillery.
MiAlgae, founded by Douglas Martin, grows algae rich in omega-3 and other nutrients using co-products from the whisky distillation process. Its produce can be used as a raw material for agricultural food products, with the company initially targeting the aquaculture industry, with its future growth predicted to require new sources of feed.
Martin described the agreement as a “huge deal for us”, and said the investment will fund initial scale-up steps and de-risk the company’s commercial facility. “It certainly sets us on track to achieve our ambitions,” he said.
Kerry Sharp, head of SIB added: “This is an exciting new equity investment for Scottish Enterprise into a company that has utilised the circular economy to make an innovative and valuable product. The funding round will also allow high value R&D employment opportunities to be created in rural Scotland with the roll out of the new pilot plant.
“A forward thinking, ambitious company, Scottish Enterprise has worked with MiAlgae since its very early stages of development helping it with innovation and financial readiness support, including a By Design grant which helped with the cost analysis of the pilot plant.
“I’d like to congratulate the team in securing this latest round of funding and look forward to continue working with Douglas and his team as they continue along their exciting growth journey.”