Business
Nandi: investment from Nesta & Scottish Enterprise
Nandi: investment from Nesta & Scottish Enterprise.
About this update from Frontier Ip Group Plc
[{"type":"text","content":"\n\nReach - a non-regulatory announcement\nAIM: FIPP\n27 August 2024\n \n \nFrontier IP Group Plc\n(\"Frontier IP\" or the \"Group\") \n \nPortfolio news - Nandi Proteins secures investment from Nesta and Scottish Enterprise as part of £500,000 funding round\n \nFrontier IP, a specialist in commercialising intellectual property, today announces that portfolio company Nandi Proteins (\"Nandi\" or the \"Company\") has raised more than £500,000 via a convertible loan with investors including Nesta and Scottish Enterprise.\n \nThe move is part of wider funding initiative aimed at raising a total of about £1.5 million for the Company. Nesta Impact Investments (NII), the investment arm of UK social innovation agency Nesta, has also committed to back an equity funding round, which is expected to complete later this year and which aims to raise a further £1 million. Frontier IP holds a 19.7% per cent equity stake in Nandi.\n \nNandi intends to use the funding to support development of its egg white replacer, which has attracted strong interest from the baking and meat alternative industries. Earlier this year, Nandi signed a commercial license with a leading global food ingredients business who will take Nandi's meat/fat replacer to market worldwide once scale up and final application tests have been completed successfully.\n \nNandi's meat and fat replacers are based on collagen. The Company uses vegetable proteins to replace egg whites in a range of products, including gluten-free bread and muffins. Replacing egg whites in meat alternatives means vegetarian products can be sold as vegan.\n \nOther applications for its innovative technology being developed by Nandi include: \n \n· vegetable proteins to replace methylcellulose a widely used binder in plant based meat alternatives\n· whey proteins to replace chemical emulsifiers in baked products\n \nJohn Loder, investment director at Nesta Impact Investments, said: \"Through pioneering ways to reduce the fat with lower calorie ingredients in popular foods, Nandi Proteins has the potential to help reduce the UK's stubbornly high obesity rates. Nesta Impact Investments is committed to finding innovative ways to help halve obesity, aligning closely with Nandi's commercial egg and meat repl...