Frontier Nutrition Raises $6 million Series B Financing led by Adjuvant Capital to Expand Access to Fortified Snacks
DHAKA, Bangladesh, Feb. 4, 2021 /PRNewswire/ -- Frontier Nutrition, a company manufacturing and marketing affordable fortified snacks in Bangladesh, has announced a $6 million Series B financing led by Adjuvant Capital, a life sciences fund backed by the Bill & Melinda Gates Foundation, the International Finance Corporation, and other prominent global health investors with a mission to finance technologies and products addressing high-burden public health challenges. Proceeds from the financing will be used to bring manufacturing of several products in-house, launch a sales and marketing campaign to raise awareness of the consumer brand Hashi Khushi, and develop new products that can be used in research studies and international humanitarian efforts. Concurrent with the financing, Michael Chang, principal at Adjuvant Capital, will join Frontier Nutrition's Board of Directors.
Founded by Eddie Bearnot and Tanveer Ali in 2016, Frontier Nutrition develops, manufactures and markets delicious, 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 fortified products, which include lentil butter, chocolates, powdered drinks and biscuits, are carried in more than 50,000 outlets across Bangladesh.
"Frontier's suite of micronutrient 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," said Chang. "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 financing was joined by DSG Consumer Partners, a leading Singapore-based venture capital fund investing in insurgent consumer brands in India and South Asia, as well as return investor DSM Venturing, the investment arm of Royal DSM, the largest producer of micronutrients worldwide. Other investors include Shazi Visram (founder of Happy Family Organics and Healthynest), Seth Goldman (founder of Eat the Change, chairman of Beyond Meat, co-founder of Honest Tea), Bridgette Heller (board member for Novartis, Dexcom and Tech Data Corporation) and Great Point Ventures.
About Frontier Nutrition
Frontier Nutrition is a US-based fortification-focused FMCG company with an operating subsidiary in Dhaka, Bangladesh. Frontier's mission is to provide mass-market consumers in low and middle-income countries with delicious and affordable foods that help treat and prevent malnutrition.
About Adjuvant Capital
Headquartered in New York with offices in San Francisco and Zurich, Adjuvant is a global life sciences investment company built to accelerate the development of new technologies for the world's most pressing public health challenges. Backed by prominent healthcare and emerging market investors, Adjuvant draws upon its global network of scientists, public health experts, biopharmaceutical industry veterans and development finance professionals to identify new investment opportunities. Adjuvant invests in companies developing promising new vaccines, therapeutics, diagnostics and other technologies for historically overlooked indications targeting high-burden infectious diseases, maternal and child health, antimicrobial resistance and malnutrition, with a commitment to make these interventions accessible in low- and middle-income countries. For more information, visit adjuvantcapital.com.
About DSG Consumer Partners
DSG Consumer Partners is an early-stage venture capital investment firm that exclusively invests in consumer businesses in India and South East Asia. As an investor and long-term partner, DSGCP offers their founders strategic mentorship, operational expertise and access to a global management network. With over US$200M in assets under management (AUM), DSGCP has partnered with founders who have built iconic brands and is investing in the next generation of world-class brands in the region. Notable investments include OYO (exit to SoftBank), Redmart (exit to Lazada), ZipDial (exit to Twitter), Chope, Veeba, Epigamia Yogurt, EazyDiner, Mswipe, The Moms Co., Pip & Nut, Brewlander, Chai Point, Leverage Edu, GOQii, SaladStop!, Kitchen Garden, PerroMart, Sleepy Owl Coffee, Ramblin' Brands, Power Gummies, Sleepy Cat, SuperBottoms, Vista Rooms, Piccolo Baby Food & Formula and Kind Kones. Website: www.dsgcp.com.
About DSM Venturing
DSM Venturing is the corporate venturing arm of Royal DSM, a global, purpose-led, science-based company active in Nutrition, Health and Sustainable Living. DSM's purpose is to create brighter lives for all. DSM addresses with its products and solutions some of the world's biggest challenges while simultaneously creating economic, environmental and societal value for all its stakeholders – customers, employees, shareholders and society at large. DSM delivers innovative solutions for human nutrition, animal nutrition, personal care and aroma, medical devices, green products and applications, and new mobility and connectivity. DSM and its associated companies deliver annual net sales of about €10 billion with approximately 23,000 employees. The company was founded in 1902 and is listed on Euronext Amsterdam. More information can be found at www.dsm.com.
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