Latvian biotech SpirulinaNord closes €600K funding round

SpirulinaNord, the startup that provides drinks from microalgae spirulina, has closed a €600,000 funding round. It plans to build a new biotechnology production facility and increase production capacity.

• SpirulinaNord was founded by Latvian scientists Stunda-Zujeva and Kristīne Veģere in 2017. The company produces superfoods, natural food groups from spirulina. The algae are grown under controlled conditions in bioreactors: they are provided with optimal light, temperature, and nutrients.
• Stunda-Zujeva claims that due to spirulina’s high nutritional value, demand for it is growing rapidly worldwide. She also added that algae is very nutritious food, containing all essential amino acids, huge amounts of antioxidants and vitamins.
• The investment was led by accelerator Buildit, that  operates in Latvia as a full-stack accelerator with 2 investment funds, the Rural Support Service’s aquaculture grant programme, and private investor.

SpirulinaNord’s plans after the investment:

“Spirulina production in closed systems is possible in many parts of the world, including markets that are not easy to conquer. We are therefore considering franchising the technology to manufacturers abroad, leaving the localisation of marketing to them,”

Stunda-Zujeva, the co-founder of SpirulinaNord said.

• The company will build a biotechnology production facility in Riga. It also considers licensing the technology, offering customers abroad the possibility to produce it themselves. Earlier this year, the ninth bioreactor for spirulina production was installed in the company’s pilot plant.