Business
Portfolio News- Nandi Proteins Limited Fundraising
Portfolio News- Nandi Proteins Limited Fundraising.
About this update from Frontier Ip Group Plc
[{"type":"text","content":"\n \nRNS Number : 5649L Frontier IP Group plc 20 July 2017 \n\n \nRNS\nAIM: FIPP\n20 July 2017\n \nFrontier IP Group Plc\n(\"Frontier IP\" or the \"Group\")\n \nPortfolio News- Nandi Proteins Limited Fundraising\n \nFrontier IP, which specialises in the commercialisation of intellectual property, is pleased to announce the completion of a fundraising for portfolio company Nandi Proteins Limited (\"Nandi\" or \"the Company\"). Nandi has raised approximately £1 million from new and existing investors, to further its commercialisation and enable scale-up.\nNandi, which spun out from Heriot-Watt University, Edinburgh, commercialises a patented, platform technology which enables food manufacturers to significantly reduce the sugar, fat and additive content in foods.\nNandi's technology offers a range of potential benefits to multinational food companies including competitive advantage through increased market share as consumer preference shifts towards healthier products and clean labelling, principally through the elimination of emulsifiers.\nThe funding will provide Nandi with working capital to help fund its scale up, enabling product trials and sample production and recruiting key personnel to steer growth.\nThis funding, totalling £1,009,974, was achieved at a valuation of approximately £10 million, reflecting a 32% increase to the price per share over the previous fundraising. The resulting revaluation of the Group's holding in the issued share capital of Nandi was recognised in the Group's half-year results at 31 December 2016.\nDr. Lydia Campbell, Chief Technology Officer of Nandi, said:\n\"We are delighted to have secured this additional funding, which creates a platform for Nandi's growth. Our technology addresses head-on some of the major ingredients issues currently facing the food industry as consumers increasingly seek healthier options.\".\nNeil Crabb, Chief Executive of Frontier IP, said:\n\"Nandi remains a core portfolio company for Frontier IP and we are delighted to have successfully completed this financing round which will help Nandi to secure the commercialisation of its transformational technology which materially reduces sugar, fat and emulsifiers in processed foods.\".\n \nENDS\n \nFor further information:\n\n\n\n\nFrontier IP Group Plc\n\n\nT: 0131 240 1251\n\n\n\n\nNeil C...