In order to open a new commercial exhibiting plant in the next year, MiAlgae completed a round of financing of £2.3m ($2.7M).
The Edinburgh-based company plans to use the new demonstrator production site in Stirling to push its expanding commercial traction. Furthermore, MiAlgae wants to appoint ten new managers thanks to the investment.
“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,” stated Managing Director Douglas Martin.
MiAlgae, founded in 2016, concentrates on pet food but carefully watches the development of the acquaculture sector. The company’s key to success is the development of a biotechnology platform using cheap co-products from the nutrition industry as feedstock to grow microalagae containing lot of Omega-3 oils.