Scottish Bioenergy, whose Director of Operations, Polly Van Alstyne, was one of this year’s AcceleratehHER Awards winners, has secured investment of over £500k to develop its technology.
This significant round of funding for the company, founded in 2007 and based in Lanarkshire’s BioCity Scotland, includes investment from all-female business angel syndicate Investing Women, which also runs the AccelerateHer Awards programme. The investment round was led by fellow angel syndicate Kelvin Capital.
Scottish Bioenergy produces an extract from algae (phycocyanin) that is used as an internationally approved natural blue food colourant or healthy additive to juices, waters and even pet foods. The product can also be used as a powerful anti-oxidant and as an anti-inflammatory.
The company’s patented method of growing algae produces a much higher yield which is more stable and cheaper than competitor products, which are cultivated in open pond systems, leaving them susceptible to weather conditions and natural elements.
With its IP established, Scottish Bioenergy is now in a position to scale up and expand its operations across the global marketplace.
David Van Alstyne, CEO at Scottish Bio Energy said; “The company is successfully beyond the proof of concept phase and the market for phycocyanin is growing rapidly with limited worldwide supply. The Scottish Bioenergy method provides a scalable system, consistent outputs and predictable costs.”
Jackie Waring, Founder and CEO of Investing Women said; “Our members are delighted to be contributing to this significant round of investment into a Scottish based company with such great international potential. Scottish Bioenergy has developed a unique product with a strong IP; focused on a global market where there are few competitors. The Company benefits from a great management team; including Director of Operations, Polly Van Alstyne. Polly was one of the three winners of this year’s AccelerateHER Awards where she was recognized as a top entrepreneur; something which was very much echoed by all who met her in California during our mission there in April. She is a phenomenal role model for other female entrepreneurs in Scotland.”
John McNicol, Investment Director at Kelvin Capital said, “Kelvin Capital immediately saw the potential and are very much looking forward to working with Scottish Bioenergy through this next ground breaking phase of development. The international market for phycocyanin was valued $50 million in 2015 and is expected to reach $500 million in 2020 thanks to demand from worldwide customers such as Mars, Nestle and Kraft so the possibilities for Scottish Bioenergy are very exciting.”