Tate & Lyle has launched a new £30 million venture capital fund to invest in food science and technology start-ups.
Tate & Lyle said that it would be backing the development of new products and companies to meet the demand of consumers for functional foods.
The firm said that the fund will open on 1 January to typically invest £2 million to £5 million. It will be independently managed by Circadia Ventures.
“We are continuing to see a real change in consumer attitudes towards health and nutrition and in particular the growing interest in functional foods,” said Circadia’s David Atkinson, who will manage the fund.
"Busy lives, an ageing population and rapid urbanisation in emerging markets mean that consumers across the world are looking to food to offer lifestyle solutions and bring added benefits such as fortification and enrichment. New technologies will be instrumental in this convergence as the world’s major food companies increasingly reposition themselves with a focus on innovation and health.”
Meanwhile, Tate & Lyle announced yesterday that it had increased first-half profits by 2% to £179 million.
