Challenger brand in Bangladesh offers a range of consumer products that treat and prevent malnutrition and cost just $0.06 per serving
Photo as seen on Frontier Nutrition’s Facebook page

Snacks maker Frontier Nutrition has closed a Series B financing round at $6 million. US-based life science fund Adjuvant Capital led the round. Singapore-based venture capital fund DSG Consumer Partners and existing investor DSM Venturing, the investment arm of Royal DSM, joined the round.

Founded by Eddie Bearnot and Tanveer Ali in 2016, Frontier Nutrition develops, manufactures and markets fortified snacks that treat and prevent malnutrition and cost just $0.06 per serving. The company is US-based with an operating subsidiary in Dhaka, Bangladesh’s capital.

Frontier produces a range of fortified snacks under the Hashi Khushi and Nutri+ brands. The range includes lentil butter, chocolates, powdered drinks and biscuits, and the brands’ SKUs are carried in more than 50,000 outlets across the city.

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.

Lead investor Adjuvant Capital is 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.

Concurrent with the financing, Michael Chang, principal at Adjuvant Capital, will join Frontier Nutrition’s board of directors.

“Frontier’s suite of micronutrient fortified snack foods provides a unique solution to addressing malnutrition among mothers and children in Bangladesh,” said Chang. “The products are competitively priced, locally produced and, perhaps most importantly, tailored to the Bangladeshi palette, making them an attractive snacking alternative. 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.”

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.

Other investors in the round 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.

Date published: 4 February 2021

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