SpirulinaNord

SpirulinaNord

Fresh and high quality Spirulina by innovative Nordic technology.

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DateInvestorsAmountRound
-investor

€0.0

round
investor

€0.0

round
investor

€0.0

round
*

N/A

Grant
Total Funding000k

Financials

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Revenues, earnings & profits over time
EUR2019202020212022
Revenues0000000000000000
% growth-3999 %97 %159 %
EBITDA0000000000000000
% EBITDA margin(977 %)(8 %)(149 %)(53 %)
Profit0000000000000000
% profit margin(977 %)(8 %)(149 %)(64 %)
EV0000000000000000
EV / revenue00.0x00.0x00.0x00.0x
EV / EBITDA00.0x00.0x00.0x00.0x
R&D budget0000000000000000

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More about SpirulinaNord
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SpirulinaNord, a Latvian biotechnology firm, is a vertically integrated company specializing in the production and sale of fresh spirulina. The company was formally established in 2019 after the initial idea was conceived in 2017. Its founding team consists of two chemical engineering researchers from Riga Technical University, Dr. Agnese Stunda-Zujeva and Dr. Kristīne Veģere, who brought their scientific expertise to the venture. They were later joined by Kaspars, who contributes business management and IT process automation skills. The founders' journey began with a shared vision in 2016 to leverage their research backgrounds in chemical engineering and biotechnology to create a product that enhances personal health.

The core of SpirulinaNord's operation is its proprietary cultivation technology. The company has developed a system of closed indoor photobioreactors, which it describes as smart aquariums, to grow the tropical microalgae. This method provides a controlled, sterile environment, ensuring production is independent of climate or weather conditions and free from environmental contaminants often found in traditional open-pond farming. The technology is designed for urban farming, requiring five times less land space than conventional methods and allowing for year-round harvesting. This approach yields a fresh, premium quality spirulina that retains a higher nutritional value compared to the more common dried powder form, which can lose a significant portion of its bioactive compounds during processing.

SpirulinaNord's business model encompasses the entire value chain, from designing and building its cultivation equipment to growing the spirulina, developing consumer products, and selling them directly to consumers online and through wholesale channels. The company's product line focuses on making fresh spirulina palatable and accessible. Instead of powders or pills, which are often associated with an unpleasant taste, SpirulinaNord offers fresh spirulina mixed into products like apple juice, and quince and cranberry syrups. The primary market has been Latvia, but following a significant investment of over €1 million, which included €383,900 from the European Maritime, Fisheries and Aquaculture Fund, the company is expanding its production capacity with a new facility in Riga. This expansion is aimed at entering other European markets, with a particular focus on Lithuania, Germany, and other German-speaking countries. The company is also exploring licensing its cultivation technology to partners abroad.

Keywords: spirulina cultivation, biotechnology, fresh spirulina, urban farming, photobioreactors, food technology, nutritional supplements, sustainable agriculture, controlled environment agriculture, direct-to-consumer, cleantech, food and beverage, agritech, alternative protein, blue economy, healthy drinks, superfoods, food production, European startups, Latvian biotech

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