Ingredients technology company MicroLub raises £3.5m seed round
Press release
MircoLub, a University of Leeds spinout, has raised £3.5m of seed funding in a round combining capital from NPIF II – Praetura Equity Finance, which is managed by Praetura Ventures as part of the Northern Powerhouse Investment Fund II, along with LIFTT and Northern Gritstone, which led the funding.
Fats and oils make foods texturally appealing and tastier by adding ‘lubricity’ and a ‘creamy’ mouthfeel. However, they also increase calorie content. With obesity contributing to a projected global annual health bill of $4.3 trillion, and over half the world’s population on course to be overweight or obese within the next decade, MicroLub is addressing the need for less-calorific alternatives from food and food-ingredients companies. The spinout’s technology adds lubrication to foods without losing mouthfeel through unique ‘scaffolds’, made of protein and water and coated by polysaccharides.
MicroLub 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.
MicroLub already has strong traction with some of the largest food and food ingredients companies and with retail sales of reduced-fat dairy and plant-based food products in Europe, the US and the UK alone worth more than $120 billion, the market opportunity for MicroLub is significant.
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. Duncan Johnson Duncan Johnson, CEO of Northern Gritstone
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. Professor Anwesha Sarkar Professor Anwesha Sarkar, Founder of MicroLub
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. David Peters CEO of MicroLub
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. Professor Nick Plant Deputy Vice-Chancellor: Research and Innovation at the University of Leeds
The £660m Northern Powerhouse Investment Fund II (NPIF II) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead. The Northern Powerhouse Investment Fund II aims to build on the success of the initial fund, with the purpose of driving sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England.
The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance.
Further Information
Kate Spencer, Head of Communications and Marketing, Northern Gritstone, [email protected]
Notes to editors
About Northern Gritstone
Northern Gritstone is an investment company, dedicated to supporting ambitious science and technology businesses in the North of England. Its philosophy is ‘profit with purpose’ combining strong returns for investors with wider positive, societal and economic impact, including high-skilled job creation and Levelling Up. Chaired by Lord Jim O’Neill, the company has made 28 investments in some of the UK’s most exciting future businesses.
Together with NG Innovation Services, Northern Gritstone offers ‘Capital+++’ connecting early-stage founders with funding and expertise through its close links to industry-leading partners and its founding universities of Manchester, Leeds and Sheffield. For more information, please go to: https://northern-gritstone.com/
About MicroLub
A spinout from the University of Leeds, MicroLub develops innovative process technologies to engineer food molecules at a microscopic level to improve their lubrication. This significantly enhances the texture and mouthfeel of consumer products, reducing the use of oils and fats and enabling nutrient delivery, making healthier options more appealing. MicroLub’s technology aims to address global challenges such as obesity and cardiovascular diseases. For more information, please go to: Microlub | Home
About Anwesha Sarkar, Founder of MicroLub
Anwesha Sarkar is Professor of Colloids and Surfaces at the University of Leeds and Director of Research and Innovation for the School of Food Science and Nutrition. Anwesha is also Project Leader of the newly created National Alternative Protein Innovation Centre where MicroLub is a partner company.
Anwesha’s research focuses on improving texture and understanding lubrication properties of soft materials. Her international research trajectory spans from academic institutions to industries in India, New Zealand, Switzerland and the United Kingdom.
About the University of Leeds
The University of Leeds is one of the largest higher education institutions in the UK, with more than 38,000 students from more than 150 different countries. We are renowned globally for the quality of our teaching and research. We are a values-driven university, and we harness our expertise in research and education to help shape a better future for humanity, working through collaboration to tackle inequalities, achieve societal impact and drive change. The University is a member of the Russell Group of research-intensive universities, and plays a significant role in the Turing, Rosalind Franklin and Royce Institutes. www.leeds.ac.uk
About the Northern Powerhouse Investment Fund II
- Operated by the British Business Bank, the Northern Powerhouse Investment Fund II (NPIF II) provides a mix of debt and equity funding. NPIF II will offer a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5 million. It works alongside the Combined Authorities, Local Enterprise Partnerships (LEPs), and Growth Hubs, as well as local intermediaries such as accountants, fund managers and banks, to support the North’s smaller businesses at all stages of their development.
- The funds in which the NPIF II invests are open to businesses with material operations, or planning to open material operations, in: Cheshire, Cumbria, Greater Manchester, Lancashire, Merseyside, City of Kingston upon Hull, East Riding of Yorkshire, North Yorkshire, South Yorkshire, West Yorkshire, Hartlepool and Stockton-on-Tees, South Teesside, Darlington, Durham, Northumberland, Tyneside, Sunderland.
For investment by NRIL at the sub-fund level
- The investment from the Nations and Regions Investments Limited into [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom.
For investment by NPIF II sub-fund at the investee company level
- The investment from the Northern Powerhouse Investment Fund II into [.] does not amount to any endorsement or warranty from Nations and Regions Investments Limited, the British Business Bank plc or the government of the United Kingdom.
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