Scottish biotech company MiAlgae has secured a £2.5m investment from the Scottish National Investment Bank to support the company’s new commercial-scale production facility in Grangemouth.
MiAlgae – which began life as a University of Edinburgh student startup - produces an Omega-3 powder using by-products from the whisky distilling process, providing an alternative source of Omega-3, which is traditionally derived from wild-caught fish. Omega-3 is a sought-after ingredient in the aquaculture feed and pet nutrition markets due to properties that promote healthy skin and coats, cognitive function and joint health.
The Bank’s investment will help the company scale its commercial production at its biotechnology plant in Grangemouth - the first new project at Grangemouth since the refinery closure. MiAlgae is forecasting to grow its workforce from 60 to approximately 156 people by the end of 2028.
Founder and CEO Douglas Martin set up MiAlgae in 2016 while studying synthetic biology and biotechnology at the University of Edinburgh. Edinburgh Innovations helped him develop and launch his business, and to win the earliest grants and awards, and connect with and pitch to investors.
Since its incorporation, MiAlgae has secured significant investment, including from Old College Capital (OCC), the University’s in-house venture fund, which continues to back the company.
In 2024, MiAlgae was shortlisted for The Prince of Wales’ Earthshot Prize under the “Revive our Oceans” category, in recognition of its scale-up potential and ecological impact.
Mr Martin said:
This investment brings us closer to achieving our mission of protecting our oceans while meeting growing global demand for sustainable nutrition. By transforming whisky industry by-products into high-value Omega-3 ingredients, we are reducing pressure on marine ecosystems, preventing waste and creating a truly circular solution.
The new facility represents a major milestone for MiAlgae and will enable us to scale our impact significantly in the years ahead, while playing a part in the regeneration of Grangemouth as a sustainable industrial hub. ”
Jane Reoch, Executive Director of Innovation at the Scottish National Investment Bank, said:
MiAlgae is one of Scotland’s most promising biotech companies. It has stellar innovation credentials and true scale-up potential, all while reducing any negative impact on our oceans and contributing to our circular economy. MiAlgae’s growing presence and creation of high-quality jobs at Grangemouth contributes to the area’s industrial economy. ”
Main picture caption:
Jamie Gilman, Head of Research and Development at MiAlgae; Mark Munro, Chief Investment Officer at the Scottish National Investment Bank; Douglas Martin, CEO and Founder at MiAlgae; Lisa Bright, Board Chair at MiAlgae; Jane Reoch, Executive Director of Innovation at the Scottish National Investment Bank; Ailsa Young, Investment Director at the Scottish National Investment Bank; Shreekanth Ramananthan, Technical Director at MiAlgae.
