Latvian biotech SpirulinaNord raised €600K
Latvian biotech SpirulinaNord, which developed a technology for growing algae, raised €600K from Latvian hardware and IoT startup accelerator Buildit, an unknown private investor, and the aquaculture grant program of Latvian state institution Rural Support Service.
Founded in 2017 by researchers of Riga Technical University (RTU) Agnese Hour-Zujeva and Kristīne Veģere, SpirulinaNord has developed a bioreactor for the cultivation of tropical algae spirulina in a cold climate. The team grows spirulina under controlled conditions, such as optimal lighting, temperature, and nutrients. According to the company, algae cultivation in a closed system consumes less mineral and water resources than it would need in open ponds. And it also excludes the possibility of contamination entering the products, caused, for instance, by air pollution.
SpirulinaNord offers customers freshly frozen spirulina and includes fresh spirulina in apple juice, quince, or cranberry syrup. It also creates recipes for several products.
The startup has recently installed its ninth bioreactor at the pilot plant. But to increase production capacity significantly, it needs to build a biotechnology plant, with the help of which it plans to boost algae manufacturing tenfold. SpirulinaNord will use the investment to continue building the plant.
To date, the startup operates on the Latvian market, and it plans to export its production to Germany and German-speaking countries. In the future, SpirulinaNord expects to license the technology, offering the customers to produce algae themselves.
SpirulinaNord participated in RTU's pre-incubation programme IdeaLAB . In 2019, it joined the program of EIT Climate-KIC Accelerator Latvia. The project received financing from several programs of the Investment and Development Agency of Latvia and the young entrepreneur support grant program (ie)dvesma.
Buildit is a Nordic hardware & IoT startup accelerator. It provides €10K to €50K of pre-seed investments, and up to €250K of seed investments. In 2023, it invested in Latvian developer of submarine drones for water quality monitoring SUBmerge Baltic, Tallinn-based developer of AI solutions for water quality monitoring applications Waterson Technologies, Latvian startup Adventum Tech, which optimizes construction and engineering processes through data management and Latvian platform Abillio, which allows freelancers to become members of a cooperative and send invoices to customers, and Latvian electric cargo scooter Bruntor.
Established in 2000, the Rural Support Service of Latvia (RSS) is a state institution, subordinated to the Ministry of Agriculture in Latvia. It is responsible for the implementation of the state and European Union support policy in Latvia.
