Tate & Lyle Ventures delivers latest exit from Fund I

| Filed in:

London, 15 September 2015 – Tate & Lyle Ventures announced today that its Fund I portfolio company Lumora Ltd has been sold to ERBA Diagnostics Mannheim GmbH (ERBA), a global in vitro diagnostics company.

The sale was an all-cash transaction and follows the recent sale by Lumora of its proprietary sample preparation technology to Roche which it announced on 24 August 2015.

This investment was part of Tate & Lyle Ventures Fund I which was established in 2006. Tate & Lyle Ventures first invested in Lumora, a University of Cambridge spin out, at the end of 2006 when the team led by CEO and founder Dr Laurence Tisi was still developing its molecular diagnostics technology within university labs. The Fund continued to support the business in a second round of investment in 2011 and was joined by Catapult Growth Fund to advance Lumora’s technology to the commercial stage.

Simon Barnes of Tate & Lyle Ventures said “We identified early on the potential of Lumora’s molecular diagnostics platform and believed it could transform both food safety and clinical testing. At the time, the Company had received a seed investment from the University of Cambridge and a group of business angels so we decided to invest in Lumora to support its growth potential.”

David Atkinson added “The Lumora team has consistently delivered technological breakthroughs over the years and this has ultimately led to an excellent investment return for Fund I. We have worked with management to help build an outstanding company and we are delighted that ERBA will now take the business to its next stage of development.”

Following the success of Fund I, a new Tate & Lyle Ventures Fund II was established in 2013. This Fund II is currently investing up to £30 million over an eight-year period in start-ups and expansion-stage companies in food sciences and enabling technologies in line with Tate & Lyle PLC’s strategy to grow in specialty food ingredients.

Simon Barnes
Managing Partner, Tate & Lyle Ventures

David Atkinson
Managing Partner, Tate & Lyle Ventures

About Tate & Lyle Ventures
Tate & Lyle Ventures is a venture capital fund backed by Tate & Lyle PLC the global food ingredients company. Tate & Lyle Ventures invests in food sciences and nutrition opportunities globally and is currently investing its second £30 million ($45 million) fund launched in January 2013. The fund is independently managed by Circadia Ventures, an FCA authorised and regulated investment firm based in London, UK.

For more information please visit www.tateandlyleventures.com

About Tate & Lyle:
Tate & Lyle is a global provider of ingredients and solutions to the food, beverage and other industries, with operations in over 30 locations worldwide.

Tate & Lyle operates through two global divisions, Speciality Food Ingredients and Bulk Ingredients, supported by our Innovation and Commercial Development and Global Operations groups. The Group's strategy is to become a leading global provider of Speciality Food Ingredients through a disciplined focus on growth, and by driving Bulk Ingredients for sustained cash generation to fuel this growth.

Speciality Food Ingredients consists of three platforms: Texturants, which includes speciality starches and stabilisers; Sweeteners, which comprises nutritive sweeteners and our range of no-calorie sweeteners including SPLENDA® Sucralose; and our Health and Wellness portfolio which includes speciality fibres and our salt-reduction offering. Additionally, our Food Systems business provides a wide variety of blended ingredient solutions.

Tate & Lyle Bulk Ingredients includes bulk sweeteners, industrial starches and fermentation products (primarily acidulants). Corn co-products from both divisions are primarily sold as animal feed.

Tate & Lyle is listed on the London Stock Exchange under the symbol TATE.L. American Depositary Receipts trade under TATYY. In the year to 31 March 2017, Tate & Lyle sales totalled £2.8 billion. For more information, please visithttp://www.tateandlyle.com

SPLENDA® is a trademark of Heartland Consumer Products LLC.

Contact the press team

Contact a member of our press office if you’re a member of the media looking for company information or if you have a specific enquiry