Tate & Lyle Ventures, a fund launched with backing from the sugar refiner and ingredients producer to invest in next generation food ingredients, has completed its first deal. The fund has invested in food safety diagnostics company Lumora Ltd, a spin-out from Cambridge University. Lumora has developed a revolutionary DNA-based test that will identify and measure specific food borne pathogens within a matter of hours. The Lumora test is extremely rapid, highly sensitive and, importantly for the food sector, cost effective and easy to use. Lumora’s system will enable food companies to bring real-time testing in-house rather than sending samples out to specialist external laboratories.
Deal will be the second add-on acquisition for Danoffice since Agilitas's buyout of the company in November 2017
Bowmark will provide additional funding of £100m to fund the company's add-ons acquisitions
Exit represents an 18x return on Octopus's initial investment and a 9x return on its total investment
Deal follows M&A litigation initiated after coronavirus uncertainty and financing difficulties