The Sigma Technology Venture Fund (“STVF”), a fund managed by Sigma Technology Management Ltd, has led a total investment round in Nandi Proteins Limited (“Nandi”) of £660,000. STVF invested £300,000 as lead investor alongside the Scottish Co-investment Fund, which invested £300,000 and a group of individuals, including the Chairman who invested £60,000.
Nandi Proteins Limited is a development stage biotechnology company that spun-out of Heriot-Watt University in 2001. The company has developed modified protein technology for use in the food and drink production industry.
This investment in Nandi follows two previous investments led by Sigma and takes the total funding arranged by Sigma to £1,000,000. Neil Crabb, Managing Director of Sigma, joined the Board as a non-executive director at the time of Sigma’s first investment in 2004 and will continue in this role. David McCartney, formerly Managing Director of Fiske Food Limited and recently a Director of Mayfair Foods Limited, joined Nandi Proteins as CEO immediately prior to the investment.