Speirs Nutritionals Partners LP, a Marton, New Zealand-based functional food business, has raised over $1m in a financing round led by seed investor Manawatu Investment Group (MIG), an angel investment group based in Palmerston North.
In addition to MIG, the investors include the New Zealand Venture Investment Fund and K One W One Limited.
The new capital will enable the company to develop from a focus on technology development to one supporting sales activity through its international partner.
Speirs Nutritionals is commercialising Massey University-developed technology that allows very high loadings of beneficial Omega 3 oils to be included in every day food items, with no impact on the product’s smell or taste.
In March 2009 Speirs Nutritionals signed a world-wide distribution deal with Croda International, a United Kingdom based publically listed company. Through Croda’s international market channels Speirs Nutritionals’ Omega 3 technology is marketed under the brand Omelife.