Frontier Nutrition, a US and Bangladesh-based business specialising in fortified snacks, has raised US$6m in a series B funding round.
The round was led by New York investment company Adjuvant Capital, backed by the Bill & Melinda Gates Foundation among others.
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Frontier, which is US-based with an operating subsidiary in Dhaka, Bangladesh’s capital, has a stated desire to tackle malnutrition in the country through the production of low-cost, fortified snacks.
It said the financing will be used to bring manufacturing of several products in-house, launch a sales and marketing campaign to raise awareness of its brand Hashi Khushi and develop new products.
Michael Chang, principal at Adjuvant Capital, will join Frontier Nutrition’s board.
Founded by Eddie Bearnot and Tanveer Ali in 2016, Frontier Nutrition develops, manufactures and markets fortified snacks that treat and prevent malnutrition and cost just $0.06 per serving. Currently operating in Bangladesh under the brands Hashi Khushi and Nutri+, Frontier’s range of products include lentil butter, chocolates, powdered drinks and biscuits. They are sold in more than 50,000 outlets across the country.
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By GlobalDataChang said: “Frontier’s suite of micro-nutrient fortified snack foods provides a unique solution to addressing malnutrition among mothers and children in Bangladesh. The products are competitively priced, locally produced and, perhaps most importantly, tailored to the Bangladeshi palette, making them an attractive snacking alternative.
"We couldn't be more excited to be part of Frontier's growth story as they work to scale distribution of these impactful products to women and children across the country."
The funding round was joined by DSG Consumer Partners, a Singapore-based venture capital fund investing in nascent consumer brands in India and south Asia, as well as return investor DSM Venturing, the investment arm of DSM, the Netherlands-based ingredients group said to be the largest producer of micro-nutrients worldwide.
Other investors included Shazi Visram (founder of US baby-food firm Happy Family Organics) and Seth Goldman (chairman of Beyond Meat and co-founder of US drinks maker Honest Tea).
