Soybean seed and oil company Asoyia has said that it will use funding from venture capital groups to focus on new business development of its low linolenic, trans fat-free products.

Asoyia has finalised an agreement with two key venture capital firms, ProLog and LSP, securing US$4m to expand marketing, research and development of its ULTRA low linolenic soybean products.

“The new partnership between Asoyia, Prolog and LSP is going to propel us from an established and growing entrepreneurial business into a major marketer of ULTRA low lin oil,” said Greg Keeley, Asoyia CEO.

“We have an incredibly good product and a demand that’s been extremely strong due to the emphasis on health and wellness, the FDA’s new labelling legislation, and the banning of trans fat containing oils in some communities like New York City. This will fund our passion for providing a viable, healthy alternative by giving us the working capital we need to bring the company to the next level of success.”