Allergy free Safetoeat gain backing
Safetoeat Ltd, which makes food aimed at people who suffer from major allergies, has received £250,000 of funding.
The investment from the East Midlands Region Venture Capital Fund (EMRVC) means that the company, formed in March last year, can find continue to grow.
Company founder Martin Hopkins said: “We are delighted to be working together with Catapult to continue the development of our business.
“Safetoeat has a unique position in the market selling pan allergy free foods and it is one that we want to continue to develop into new areas.”
As a result of the deal, Catapult, which manages the EMRVC has added Peter McPhillips to the board as non-executive chairman and Martyn Fray as a non-executive director.
Safetoeat produce foods which avoid the eight categories associated with many allergies, milk, eggs, fish, peanuts, tree nuts, soya, shellfish and wheat, also its foods are additive free.
By avoiding these ingredients the Derbyshire-based company has found a potential market which was estimated to be worth £90m in 2005 and as much as £195m in 2010.
It is estimated that 1.2m households have a serious allergy within the family and over 10m are believed to include someone with an intolerance to milk of gluten.
Supermarkets have, not surprisingly, spotted this need amongst consumers and both Sainsbury’s and Tesco have granted the company shelf space at their stores.
© Crimson Business Ltd. 2007