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MiAlgae secures £1 million to drive commercialisation and scale up

Thursday January 9th, 2020

Edinburgh-based biotech startup MiAlgae has received an investment of £1 million to focus on the commercialisation of its revolutionary microalgae product, targeting the rapidly growing global aquaculture and pet food industries.grants

The biotech business uses co-products from the whisky distillation process to produce microalgae, which is high in omega 3 and other nutrients. The algae can be used to sustainably feed fish and create animal food. MiAlgae estimates that one tonne of its algae saves up to 30 tonnes of wild fish.

MiAlgae will use the investment to double the size of its business premises, commission a demonstrator plant in East Lothian and make five new appointments in the next 12 months.

The investment comes from previous investors in MiAlgae – Equity Gap, Scottish Investment Bank and Old College Capital, alongside Hillhouse Group, a new investor in the business.

MiAlgae was founded by Douglas Martin in 2016 while studying Biotechnology at the University of Edinburgh. He is supported by Edinburgh Innovations, the University’s commercialisation service, which also manages Old College Capital, the University’s venture fund.

The global aquaculture market is valued at $70 billion and set to increase by 100% by 2030.

Andrew Vernon of Hillhouse Group said:

“MiAlgae has essentially taken a by-product from one industry and turned it into a solution for another industry. Through the application of biotechnology, MiAlgae is finding solutions to feed the world’s population, and with the global aquaculture industry set to double in size in the next ten years, this is a very promising business indeed.

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