£3.5m investment pumped into food ingredients technology company
Ingredients technology company MicroLub, a University of Leeds spinout, has secured a £3.5m investment.
Northern Gritstone, an investment company focused on science and technology businesses in the North of England has confirmed the £3.5m seed round investment into MicroLub, with co-investors LIFTT and NPIF II – Praetura Equity Finance, which is managed by Praetura Ventures as part of the Northern Powerhouse Investment Fund II.
Fats and oils make foods more appealing but also increase calorie content.
MicroLub is addressing the need for less-calorific alternatives from food and food-ingredients companies. The spinout’s technology adds lubrication to foods through unique “scaffolds”, made of protein and water and coated by polysaccharides.
The firm aims not only to make foods healthier, but also to contribute to sustainability by supporting the alternative protein industry in making plant-based foods less astringent.
The investment will allow the company to develop commercial partnerships and expand its team.
Duncan Johnson, CEO of Northern Gritstone, said: “Northern Gritstone is pleased to support MicroLub’s world-class team.
“Obesity is a challenge in many countries reducing the quality of life of an individual and often shortening it.
“MicroLub shows that innovation coming out of the University of Leeds has the potential to help solve these global challenges.”
Professor Anwesha Sarkar, founder of MicroLub, said: “When we discovered the technology and tested lubricity, we knew it had many potential applications, which we can now explore with this investment led by Northern Gritstone.”
David Peters, CEO of the business, said: ‘There is a huge market opportunity in food for MicroLub. We already have strong traction with ingredients giants and some of the largest food and dairy companies, who are looking for innovative ways to make their products healthier, more nutritious and more sustainable.
“I am very excited at the journey ahead with our customers.”
Professor Nick Plant, deputy vice-chancellor, research and innovation at the University of Leeds, added: “This ground-breaking research is addressing a major global challenge while placing the UK at the forefront of the quest to reduce health inequalities.
“We are proud of our track record of transforming academic research into commercial success.”
