Making peanuts pay
ToxiMet, producers of food safety equipment, nears its £1,575,840 crowdfunding target
ToxiMet, the maker of Mycotoxin testing equipment sold to food exporters throughout the world, has raised more than £1.5 million of the £1.57 million being sought via equity crowdfunding platform SyndicateRoom.
Mycotoxins are chemicals produced by natural-borne moulds that can grow on crops and, in large quantities, can be extremely toxic (at worst, they've been linked to DNA damage and liver cancer). Mycotoxins are found in everyday goods such as cereals, coffee, dried fruit and peanuts.
ToxiMet, with their device ToxiQuant, allows food producers in emerging economies to win coveted high-priced export markets of the EU, US and Japan by ensuring they meet strict regulatory standards. The presence of Mycotoxins accounts for up to 60% of food and feed rejection at EU borders.
ToxiQuant can be deployed on site (it can fit in the back of a landrover), does not require a highly trained operator and, more importantly, can return results in as little as 10 minutes.
ToxiMet's key target market is India, where the export market has grown from $5 billion in 2003 to $29 billion in 2015 and is expected to continue to grow. With proven cost and time reductions ToxiMet is finding the market receptive to their product and a recent sales trip to India resulted in sales to three principal producers including VNKC AGROCOM. ToxiMet recently announced a contract with world-famous Tilda Rice, a brand that is sold in more than 40 countries and owns 51% of the burgeoning Basmati rice market in the UK.
Ian Sanders, ToxiMet CEO, says: 'ToxiMet looks forward to being part of our clients' primary value delivery to their customers in the future, not merely a secondary consideration. We are proud to be a key part of creating sustainable prosperity in emerging economies.'
The product and revenues generated have caught the eye of Mill Venture Partners, the team behind the Mill Residential REIT - who made history as the first crowdfunded IPO to list on AIM. Helios Enterprises Ltd are leading this syndicate. Other investors can invest from £1000 upwards on exactly the same class of shares and share price as the lead investors via SyndicateRoom.
