Galway-based biotechnology company Algae Health is to create 23 new jobs over the next three years following a €1 million investment.

The company specialises in the cultivation of microalgae, from which health and nutritional compounds can be taken.

Five of the 23 jobs are set to be established within the next year.

The investment was made by the AIB Seed Capital Fund and the Western Investment Fund and includes supports from Údarás Na Gaeltachta.

The AIB fund is co-managed by Enterprise Equity Venture Capital, while the Western Investment Fund is run by the Western Development Commission.