Tekcapital sees investor backing for MicroSalt®
(TEK ) has announced MicroSalt Inc., a subsidiary of portfolio company Salarius, has launched an equity crowdfund to raise up to $0.75m to fuel the group’s growth and innovation strategy.
The UK intellectual property investment group said US$0.188m has already been raised to-date. MicroSalt’s goal is to raise up to US$0.75m in the next 150 days at a pre-money valuation of US$5m, with a 10% early subscriber discount for the first $0.1m invested.
Speaking of the raise which was launched on microventures.com, Victor Hugo Manzanilla, MicroSalt Inc’s CEO said, "I am extremely excited and grateful for the support of more than 400 investors that have already contributed to our recently launched crowdfund.”
He added, “They are aligned with our vision to make great tasting, better-for-you snacks with MicroSalt®, with roughly half the sodium compared with traditional potato chips."
MicroSalt Inc. has also announced that it is delivering its product MicroSalt® to a newly on-boarded restaurant distributor, which opens the food service market for the company.
The distributor has an initial order to sell MicroSalt® to an 18-location restaurant chain, that will provide its customers with full-flavour, low-sodium tortilla chips. To give a scope of this potential market, there are approximately 59,000 Mexican restaurants in the U.S alone.
Additionally, MicroSalt Inc. is expanding its SaltMe! products by offering the 1oz small size package in both Original and Barbecue flavour in the next two weeks. This will enable SaltMe! to better compete on Amazon by making available its potato chip package size.
MicroSalt develops the low-sodium salt called MicroSalt®. Its distinguishing feature is its small, salt particles-- about one hundred times smaller than typical table salt-- that use a large surface area-to-volume ratio to generate a salty taste while using significantly less salt.
Decreasing the public’s sodium intake would aid the efforts to curtail heart disease, which according to the British Heart Foundation, causes more than a quarter, 27%, of all deaths in the UK; that's more than 160,000 deaths each year – or one death every three minutes.
According to Market Researcher Future Market Insights, it is estimated that the sodium reduction market will be worth around $1.76 billion by 2025 with a CAGR of 11.8%.
Tekcapital owns 97.2% of the share capital of Salarius and 87.1% of Microsalt Inc. Shares in TEK have increased by over 70% in value since the beginning of November 2020 with a pre new money valuation of US$5m for Microsalt providing investors further upside potential for the shares.
Tekcapital’s mission is to create value from university Intellectual property that is ready for mass markets:
- TEK has the World’s largest network of University IP
- TEK enables rapid value creation with market ready technology selection
- Multi-Year track record of significant revenue and net-asset growth
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