Speirs Nutritionals was handed the hard currency by the Manawatu Investment Group to aid it in its endeavors to manufacture foods utlising omega-3 technology developed by Massey University. Speirs Nutritionals also received investment from New Zealand Venture Investment Fund and K one W one.
Food platforms being considered include bakery goods, ice cream, yoghurt, pizza bases, and snack bars.
Speirs in 2009 signed a distribution deal with UK-based Croda International to market omega-3 products under the brand Omelife.
Deals such as this contributed to Speirs being awarded the grant as they, said Manawatu Investment Group chief executive, Dean Tilyard, in press reports.
He said the fact the company had made progress in developing global marketing channels around an ingredient with solid technological backing had contributed to the decision to furnish the company with the funds.
Press reports quoted Speirs Nutritionals chairman Rodney Wong stating the investment arrived as the company was focusing more on sales and less focused solely on technological development.
The Croda deal meant Speirs Nutritionals microencapsulates Croda's Incromega-branded fish oil concentrates into omega-3 emulsions for incorporation into food and beverages in the selected markets. It is valid in Europe and the US.
The aim of the arrangement is to deliver high-potency omega-3 foods and drinks.