Tunisian B2B biotech startup WaterSpirit has announced the completion of a fundraising round of TND 6.2 million ($872,000).
The funding came from Tunisian investors and contributors.
The investment will enable the establishment of an industrial unit capable of cultivating microalgae on a greater scale and extracting the molecules. The startup is also looking at pursuing export opportunities, most notably in the North American and European markets.
The startup was founded by Mehdi Bhouri in 2018 and obtained its startup label in March 2020. “During the first cohort, we relocated to the Sidi Thabet technology park following pre-creation incubation with BIATLABS. From 2018 to 2021, we optimized manufacturing processes at the laboratory and pilot levels. Our primary business is cultivating specific strains of microalgae on our own premises in order to extract antioxidants that are classified as among the strongest marketable antioxidants in the world,” Mehdi Bhouri said.
