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(Sharecast News) - Intellectual property commercialisation specialist Frontier IP said on Wednesday that its portfolio company Nandi Proteins has raised £0.72m via a convertible loan, including a £0.36m investment from the UK Government's 'Future Fund'.
The AIM-traded firm said the investment from the Future Fund, which was established to support innovative businesses through the Covid-19 outbreak, had been matched by £0.32m from Frontier IP and £0.04m invested by Shackleton Finance, which specialises in secondary venture and development capital investments.
Frontier IP holds a 20.1% equity stake in the company, with Shackleton also an existing shareholder.
The company said Nandi was collaborating with a number of 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 would support it in meeting technical and commercial milestones relating to a number of collaborative projects with "major" industry partners.
"The investment from the Future Fund is an invaluable contribution to supporting Nandi Proteins through the next phase of its development," said Frontier IP chief executive officer Neil Crabb.
"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."
At 1357 BST, shares in Frontier IP Group were up 2.77% at 65.77p.
9 Mar 2015 08:38