Frontier IP Group PLC - London-based intellectual property commercialisation company - Nandi Proteins, in which Frontier owns just shy of a 20% stake, raises over £500,000 through convertible loan note to investors including the UK National Endowment for Science, Technology & the Arts and Scottish Enterprise. Says Nandi aims to raise total of £1.5 million, which it will meet after a £1 million equity funding round backed by UK body’s investment arm Nesta Impact Investments. Expects the funding round to be completed later this year. Nandi to use proceeds to develop its egg white replacer, which has ‘attracted strong interest from the baking and meat alternative industries,’ Frontier says. The replacer uses vegetable proteins as a substitute for egg whites in products including gluten-free bread and muffins and allows vegetarian products to be marketed as vegan.
Frontier Chief Executive Officer Neil Crabb says: ‘Nandi’s technology has huge potential to replace undesirable ingredients used widely in the food industry. We very much welcome the support from Nesta, the UK government fund for social good, which underlines the value of the company’s work.’
Current share price: 38.88 pence, closed up 8.0% in London on Tuesday
12-month change: down 11%
Copyright 2024 Alliance News Ltd. All Rights Reserved.
