Frontier IP says portfolio company Nandi Proteins raises GBP720,000 including UK government investment
Frontier IP Group PLC (LON:FIPP) announced that its portfolio company Nandi Proteins has raised GBP720,000 via a convertible loan, including a GBP360,000 investment from the UK Government’s Future Fund.
The commercialising intellectual property specialist said the investment from the Future Fund, established to support innovative businesses through the coronavirus (COVID-19) outbreak, has been matched by GBP320,000 from the group and GBP40,000 invested by Shackleton Finance, which specialises in secondary venture and development capital investments.
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Nandi is collaborating with industry partners to commercialise its novel process control technology to create ingredients based on animal and vegetable proteins able to replace chemical additives and fat in processed foods.
The funding will support it in meeting technical and commercial milestones relating to a number of collaborative projects with major industry partners, Frontier IP said.
“The investment from the Future Fund is an invaluable contribution to supporting Nandi Proteins through the next phase of its development,” Frontier IP chief executive officer Neil Crabb noted in a statement.
“There is strong interest across the food industry to reduce the levels of additives, fats and meat on both health and environmental grounds. Nandi, with its proven expertise particularly with vegetable proteins, is well placed to benefit from these trends.”
Frontier IP holds a 20.1% stake in Nandi.
Shares in Frontier advanced 4% to 66.8p early on Wednesday.