Frontier Nutrition, a company manufacturing and marketing 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.
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 snacks. 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 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 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.
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