26th Mar 2024 11:29
(Alliance News) - Seed Innovations Ltd announced on Tuesday that its investee company, Clean Food Group Ltd, had successfully raised GBP2.5 million.
The Guernsey-based investor, which holds a 4.6% stake in the food technology business, said the company will use the funds raised to invest in sustainable oils and fats solutions for food and cosmetic manufacturers.
Creating these alternatives will help the food industry reduce its dependency on palm oil which is one of the main contributors to global CO2 emissions and deforestation.
The sum which was provided by the Clean Growth Fund LP brings the total funding raised to date for the project to GBP13 million and leaves the company with a strong capital position.
Seed Chief Executive Officer Ed McDermott said: "This marks a significant milestone in CFG's journey towards creating a more sustainable food system, enabling the scaling up of the development and commercialisation of its innovative fats and oils technology through 2025."
Shares in Seed Innovations were up 1.8% to 1.99 pence in London on Monday morning
By Elijah Dale, Alliance News reporter
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