Tate & Lyle plc has launched a GBP30m (US$47.9m) fund that it hopes will drive its growth in speciality food ingredients.

The fund will launch in the New Year and invest in start-ups and smaller companies in both developed and emerging markets in food sciences. The company said ingredient innovation will be “important” in the future as food producers look to make new, healthier products.

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“This is an important investment in our global innovation programme and represents another step in building Tate & Lyle’s platform for long-term growth” said Karl Kramer, president, innovation and commercial development, Tate & Lyle. “This is an investment for long-term growth and, ultimately, will help us deliver more innovative solutions for our customers”.

The investment will be made over an eight-year period, the group said.

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