MiAlgae has secured £14 million in funding to accelerate its operations and scale production. The company has successfully reached the commercial scale of its sustainable marine omega-3 product, NaturAlgae, at its demonstrator site in Scotland.
The 2023 launch of MiAlgae's demonstrator site has proven the viability of its cutting-edge approach. By repurposing nutrient-rich byproducts from whisky distillation, the company grows microalgae, providing an eco-friendly source of omega-3s. This breakthrough positions MiAlgae to revolutionize the market by offering an alternative to the existent unsustainable product derived from wild-caught fish.
Building on this success, MiAlgae is now gearing up to take the next step with the development of an industrial-scale production facility in Scotland. The new site will enable full commercialization of NaturAlgae, meeting rising demand across the aquaculture, pet food, and human health sectors for sustainable omega-3s. This expansion will boost MiAlgae’s production capacity, fuel its global growth, and create new “green” jobs.
The recent funding round will finance the new facility’s development, speed up further commercialization, and support team growth with strategic hires.
“This investment marks a significant milestone for MiAlgae,” said 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 while continuing to advance innovation in biotechnology.”
New venture capital investors SWEN Blue Ocean, Clay Capital, and Rabo Ventures joined existing backers Equity Gap, Old College Capital, Social Investment Scotland (SIS) Ventures, Ananke Ventures, Ascension Ventures, and Scottish Enterprise, who have followed their money, in this oversubscribed round.
Christian Lim, managing director of SWEN Capital Partners, said that “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.”
Shishir Sinha, director at Rabo Ventures, said that “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.”
