MiAlgae was formed by a University of Edinburgh alumnus to commercialise microalgae-based animal feed supplements sourced from treated wastewater.
MiAlgae, a UK-based microalgae products developer founded by a University of Edinburgh alumnus, has raised £500,000 ($672,000) in a seed round featuring Old College Capital, the university’s VC fund.
Old College Capital participated on an equal basis with devolved government-owned economic development agency Scottish Enterprise’s investment arm Scottish Investment Bank, and angel syndicate Business Angel Group Equity Gap.
MiAlgae is developing nutritional animal feed supplements made from microalgae that has been recycled from treated wastewater. The supplements are rich in omega-3 and proteins and will initially be used in the aquaculture industry, where rising feed costs are expected to threaten profitability.
The capital will enable MiAlgae’s team to expand from two to five as the company prepares to ramp up its production capacity 30-fold. Additional proceeds will help MiAlgae fund the construction of a pilot production plant at a whisky distillery.
MiAlgae was founded by Douglas Martin, who studied synthetic biology and biotechnology at Edinburgh in 2015 and 2016. Martin received assistance from Edinburgh’s student entrepreneurship program Launch.ed, part of Edinburgh Innovations, the university’s commercialisation office.
Kerry Sharp, head of Scottish Investment Bank, said: “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.”
