The firm, a spinout from the University of Leeds, will use proceeds of the investment round will be used to fund product development with collaboration partners, scale the technology with co-manufacturing partners and build out the team.
MicroLub’s technology adds lubrication to foods using a novel system of ‘scaffolds’ made of protein and water, coated by polysaccharides. This mimics the ‘fatty sensation’ of full-fat products, adding texture, richness, and succulence in low-fat or plant-based applications.
The technology could enable manufacturers to make their food products healthier, while contributing to sustainability by addressing the alternative protein industry’s current challenge of making plant-based foods less astringent.
Cutting the calories
According to chief executive David Peters, it enables producers to reduce the fat content and calorie count of their products by up to 75% without any noticeable sensory change in mouthfeel and texture. Whether it’s in reduced-fat dairy, baked goods or plant-based meats, the technology could make foods healthier, more nutritious and more sustainable.
Commenting on the investment, Peters 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.”
MicroLub’s most recent funding round was led by investment company Northern Gritstone with co-investors LIFTT and the Northern Powerhouse Investment Fund II (NPIFII) – Praetura Equity Finance, which is managed by Praetura Ventures as part of the NPIFII.
Challenging obesity
Duncan Johnson, chief executive of Northern Gritstone, added: “Northern Gritstone is delighted 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.”
The NPIFII provides a mix of debt and equity funding to support the North of England’s smaller businesses at all stages of their development. A range of commercial finance options are on offer, with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5m.
Professor Nick Plant, deputy vice-chancellor of research and innovation at the University of Leeds, said: “This groundbreaking 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.”
Meanwhile, Applied Nutrition is aiming for a £400m valuation as it prepares for its initial public offering on the London Stock Exchange later this month.
