Happiness Capital, the investment division of LKK Health Products Group, in collaboration with two other venture capitalists, has committed to financing the development of a sustainable facility in China. This strategic move aims to bolster the global fight against climate change and enhance both indoor and urban air quality. The recent funding round, which secured $47 million for Microalgaex, a biotech startup headquartered in Turkey, will facilitate the expansion of its innovative Liquid Tree product line into the Chinese markets by mid-2025.
The Series B funding round attracted investments from several Chinese technological ventures, placing the valuation of the Turkish-founded startup at $250 million. The investment will support Microalgaex in broadening its range of Liquid Tree products, which are based on phytoplankton and cyanobacteria. This expansion will specifically target solutions for indoor and outdoor environments, utilizing a patented photobioreactor that is notably efficient in carbon capture and storage. The overarching goal of this initiative is to create a sustainable, healthy, and accessible ecosystem within the pollution-prone urban centers of China.
Giuliano Regonesi, the founder of Microalgaex, highlighted that the influx of funds would also enable the company to ramp up production to 60,000 Liquid Tree units annually in the new plant. He further mentioned that this boost in production capacity is expected to propel the company towards profitability by the next financial year.
From its inception, Microalgaex has been at the forefront of environmental innovation with its Liquid Tree technology. This trademarked device, based on microalgae, is designed to remove carbon dioxide and greenhouse gases while simultaneously producing oxygen, thereby significantly improving air quality in indoor spaces such as offices, schools, gyms, and public areas.
Supported by extensive scientific research, the technology not only mitigates the risk of inflammation but also significantly reduces the chances of developing dementia and cardiological problems. This has been corroborated by Gokcen Ustundag, the COO of Microalgaex, who also noted the startup’s collaborations with Tubitak, Turkey’s scientific and technological research council, and top Turkish universities.
This round of funding represents the first equity capital raised by Microalgaex, specifically targeted at expanding into the Chinese market. Additionally, the company is actively engaged in negotiations to enter the European, GCC, and American markets, signaling a broader ambition to globalize its environmentally friendly technologies.
