Fortified snack maker Frontier Nutrition raises $6m in financing

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Frontier Nutrition, a manufacturer of affordable fortified snacks for the Bangladesh market, has raised $6 million in Series B financing.

Headquartered in New Haven, Connecticut, in the US, Frontier Nutrition operates in Bangladesh under the brands Hashi Khushi and Nutri+.

The company develops, manufactures and markets fortified snacks that it says treat and prevent malnutrition, and cost just $0.06 per serving.

Frontier's fortified products, which include lentil butter, chocolates, powdered drinks and biscuits, are reportedly sold in more than 50,000 outlets across Bangladesh.

The company’s latest financing was led by Adjuvant Capital, a life sciences fund backed by the Bill & Melinda Gates Foundation, the International Finance Corporation and other global health investors.

Other supporters included DSG Consumer Partners, Great Point Ventures and Royal DSM’s investment arm, as well as Happy Family Organics founder Shazi Visram, Beyond Meat chairman and Eat the Change founder, Seth Goldman, and Novartis board member Bridgette Heller.

Proceeds from the raise will be used to bring manufacturing of several products in-house and to launch a sales and marketing campaign to raise awareness of the Hashi Khushi brand.

In addition, capital will be used to develop new products that can be used in research studies and international humanitarian efforts.

“Frontier's suite of micronutrient-fortified snack foods provides a unique solution to addressing malnutrition among mothers and children in Bangladesh,” said Adjuvant Capital principal Michael Chang, who will join Frontier Nutrition's board of directors.

“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.”