Scottish seaweed startup Kaly Group has raised £300,000 (about $374,000). The business, which opened its first seaweed farm on the Isle of Skye earlier this year, will use the funds to expand operations and develop an integrated and sustainable seaweed supply chain along Scotland’s west coast.
Seaweed offers clean alternatives to plastics, cosmetics, pharmaceuticals and textiles, and can also be used in food, animal feed and fertilizers. The company said seaweed farming also has significant potential to revitalize Scotland’s marine industries. With full-scale processing facilities, the sector could create over 550 jobs across the Scottish supply chain, offsetting the decline of traditional fishing and marine industries.
“Kaly’s vision is to unlock the full potential of seaweed farming in Scotland, creating a sustainable supply chain that benefits local communities while driving economic and environmental gains,” said Daniel Hillman, Co-founder of Kaly Group.
The funding round led was by TRICAPITAL Angels, with co-investment from Scottish Enterprise, Scotland’s national economic development agency and a non-departmental public body of the Scottish Government.
“We are proud to back this exciting and innovative business as it seeks to establish a large-scale, profitable, and environmentally sustainable seaweed-based supply chain to support the food, nutrition, and chemicals industries,” said Moray Martin, Chief Executive Officer of TRICAPITAL Angels. “There is growing investor interest in the blue economy and our angels are enthusiastic about seaweed’s potential for creating economic growth in coastal and rural areas, delivering environmental and health benefits, and producing a diverse range of lower-carbon products.”
