A company that produces an antimicrobial coating for packaging to extend the shelf life of fruit & vegetables has secured a £750,000 funding boost from investors.
OSY Group will use the cash injection to “accelerate its commercialisation” of its Xtend product, across the UK and beyond, and expand its Manchester-based team.
Xtend is a water-based antimicrobial coating that leaves microscopic pins on packaging surfaces that “puncture and kill microbes” and “slow the natural spoiling process that affects the fresh produce within”. It is suitable for lidding film, plastic trays, flow wrap, fibre and board, flexible film paper, outer packaging and board and film combined for food-to-go, such as sandwiches.
“We aspire to lead the charge in global food waste reduction through our innovative technology, as well as helping to drive down greenhouse gas emissions and food poverty, supporting grocers as they strive to achieve their sustainability targets, and enabling food producers to tap into more export markets,” said Marc Braterman, chief executive of OSY Group.
Testing has shown that Xtend extends shelf-life by multiple days on various forms of packaging, the company says, with trials underway with an unnamed major UK grocer, as well as soft fruit producers and European packaging companies.
“These trials, in addition to the extensive testing carried out at facilities in the UK, have demonstrated that Xtend maintains freshness for longer and therefore significantly contributes to reducing food waste,” Braterman added. “It can be easily integrated into existing packaging production, and has a range of other applications beyond food produce due to its direct coating qualities.”
The latest investment, from three new angel investors and one existing backer, follows a £250,000 equity fundraising last year and an award from Innovate UK.
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