Omega 3 food technology gets a $1m cash injection
More than $1 million has been invested into a functional food business that is commercialising Massey University technology that allows high levels of Omega 3 to be included into everyday food items.
The Manawatu Investment Group's investment into Speirs Nutritionals will see the essential fatty acid boosted into food groups such as ice cream, yoghurt, pizza bases, bakery goods and snack bars.
Manawatu Investment Group chief executive Dean Tilyard said increased exposure to Omega 3 had immense health benefits and could reduce heart disease and joint problems.
In March, Speirs Nutritionals signed a worldwide distribution deal with UK-based Croda International to market the Omega 3 products under the brand Omelife.
Mr Tilyard said the economic climate for early stage capital raising for businesses remained tight. He said this investment reflected the strong technology underpinning the company and the significant progress the Speirs Nutritionals has made in establishing a global marketing channel.
Speirs Nutritionals chairman Rodney Wong said the investment into the business came at a time when it was transitioning from a focus on technology development to one supporting sales activity through its international partner.
Speirs Nutritionals also received investment from New Zealand Venture Investment Fund and K one W one.
In September, NBR reported that the Manawatu Investment Group has invested $1 million into Palmerston North biotech start-up Polybatics.
Polybatics designs biodegradable nano particles with functional proteins attached, which is used to manufacture pharmaceutical drugs. This new organic nanotechnology could drastically reduce the price of medication and make it more accessible.
It allows for biobeads to be manufactured on a large scale quickly and cheaply, and has potential in a variety of industries from vaccines to washing powders and food processing.