A dairy company that received $100,000 from the Government's business growth scheme run by Industry New Zealand has also attracted $600,000 investment from the private sector.
Func.nutrition was founded in May by entrepreneur Neil Macintyre, who markets the Sun Latte milk originally developed by Gisborne Milk.
Macintyre's marketing company SunElite
took the brand to Auckland and since October last year has had it processed by NZ Dairy Foods.
Macintyre said the injection of private-sector capital for Func.nutrition would help it expand into enhanced-nutrition beverages and functional foods. The money would let the company complete product development and market testing of new, extended-shelf-life, milk-based products in Australia and New Zealand.
"Once solid sales and profit success are achieved in these key markets, the company will raise more capital to expand into select Asian, and possibly United States markets," he said.
The new products would be marketed as flavoured nutritional drinks to consumers seeking sports diet supplements.
- NZPA
