Frontier IP's Nandi raises funds for egg white alternative
Summary
Frontier IP Group PLC - London-based intellectual property commercialisation company - Nandi Proteins, in which Frontier owns just shy of a 20% stake, raises over GBP500,000 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 GBP1.5 million, which it will meet after a GBP1 million equity funding round backed by UK bodys investment arm Nesta Impact Investments. 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: "Nandis 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 companys work.