Scottish start-up Insignia Technologies secures £865,000 in deal led by Equity Gap
“Smart” packaging company plans to start trials in UK and overseas to combat food waste
Scotland-based packaging start-up Insignia Technologies has raised £865,000 in a funding round led by investment group Equity Gap, it announced today.
The deal was also backed by Highland Venture Capital, the Scottish Investment Bank, the University of Strathclyde and a series of private investors.
Founded in 2012 after a merger between ink printing service Insigniapack, and Novas Technologies, a spin-out business from the University of Strathclyde, Insignia Technologies produces a “smart” label which changes colour over time to show how long a packet of food has been open.
It says its patented technology, initially developed at the university, removes confusion over open packages and helps shoppers, retailers and food producers to reduce unnecessary food waste.
It now plans to use the investment to take its technology out of development stage and complete commercial trials with supermarkets and packaging companies across the UK, US and Europe in order to establish its place within the food labelling industry.
The packaging business has long-term plans to expand into the healthcare, cosmetics and pharmaceutical sectors.
CEO of Insignia Technologies, David Kilshaw, commented:
“This recent investment provides Insignia with the opportunity to continue to grow our existing customer base, move forward with customer trials […], driving the business towards commercialisation and positive cash flow.”
Discussing its decision to invest, Jock Millican of Equity Gap added: “Equity Gap invested in Insignia Technologies because of the potential use and markets for its products, the strength of the management team and interest that customers have shown in the technology.”