Twenty-three new jobs are to be created in Galway over the next three years, following new investment in a local green biotechnology company Algae Health.
The AIB Seed Capital Fund, co-managed by Enterprise Equity Venture Capital, and the Western Investment Fund, managed by the Western Development Commission, confirmed last week that they had completed an equity investment in the Galway-based company.
The total investment in the company is €1 million and also includes support from the state agency Údarás Na Gaeltachta. The funding injection will enable Algae Health to commercialise the business and create five new high value biotechnology jobs in the Galway region over the next 12 months. This will increase to 23 new positions within three years.
Algae Health (Slainte Alga Teoranta) specialise in the cultivation of microalgae for the extraction of health and nutritional compounds.
Edward McHugh, Managing Director, Algae Health, said that the company was thrilled to receive the require funding to commercialise the business “especially in the current economic conditions.
“This funding will commercialise our technology and bring us to a self-sustaining position. We already have a strong customer pipeline and are really looking forward to years ahead. I would very much like to thank Enterprise Equity, WDC and Údarás na Gaeltachta for supporting our company,” he said.
Algae Health was set-up in late 2009 and won the Connacht and Leinster regional final of the Intertrade Seedcorn competition for the Best New High Growth Company in November 2012.