© Kaly Group
Kaly Group, which opened its first seaweed farm on the Isle of Skye earlier this year, has announced a successful £300,000 funding round led by Tricapital Angels, with co-investment from Scottish Enterprise. Following this substantial funding injection, the startup is moving to expand its operations and develop an integrated and sustainable seaweed supply chain along Scotland’s west coast.
Although the industry is still finding its feet within the European market, the potential for seaweeds to provide environmentally-friendly alternatives to plastics, cosmetics, pharmaceuticals and textiles is increasingly well known. By 2030, the European seaweed market is projected to reach £9 billion, with Scotland well-positioned to capture a significant portion of this, thanks to its extensive coastline.
"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," commented Moray Martin, Tricapital Angels CEO, in a press release.
"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," he added.
By adopting a community-first approach, Kaly seeks to collaborate with other marine stakeholders to ensure that seaweed farming benefits local communities and ecosystems alike. It will now address challenges across the supply chain – from biomass cultivation to the production of high-value products – to support the scalability of the UK’s seaweed sector.
"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. We are thrilled by the continuing support from Tricapital and Scottish Enterprise, which will help us take critical steps toward scaling this exciting industry," concluded Daniel Hillman, co-founder of Kaly Group.
