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Frontier IP completes first fundraising for portfolio company Molendotech
Frontier IP's portfolio company Molendotech has received a total of £0.5m in its first fundraising, which will be invested in three separate tranches.
Following the investment of the third tranche, Frontier will hold approximately 14% of the issued share capital of Molendotech, a water testing company founded in June 2017.
Neil Crabb, chief executive of Frontier IP, said: "We are delighted that Molendotech has attracted significant backing so soon after its formation. This funding is a clear demonstration of confidence in both the technology and the stature of the partners it is able to bring in."
Molendotech focuses on developing a test which identifies the concentration of faecal bacteria in water, allowing analysis of water quality and the determination of any pollution source.
The Frontier subsidiary recently entered into a collaboration agreement with Palintest, a subsidiary of FTSE-100 listed company Halma.
Simon Jackson, director of Molendotech, said: "Securing significant investment at this early stage is a great achievement and confirmation of the commercial potential of Molendotech products. This funding will enable us to realise our business plans and develop a portfolio of water testing assays for different markets."
At 0852 GMT, Frontier IP's shares were up 3.3% to 86.25p.