Singapore startup bags $50m to push algae production for biofuels

Nikkei Asia · last updated March 10, 2025 – 2:18 AM

SINGAPORE — A Singapore-headquartered startup that produces algae for biofuels has raised nearly $50 million from a group of Japanese investors, as it seeks to scale up its production capacity in Southeast Asia.

Chitose Bio Evolution raised 7.3 billion yen ($49 million) from cosmetics maker Shiseido, major banks such as Mizuho Bank and Sumitomo Mitsui Banking Corp., venture capital firm Jafco Asia and others, according to the company’s announcement Monday.

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