Letoon Holding, a London, UK-based company which specializes in ultrasonic reclamation to recover high value added ingredients from vegetable waste and botanical products, raised £20M in funding.
Nimbus Capital made the investment. Under the agreement, Nimbus will provide the company with a Growth Equity Agreement of up to £20m for a 36-month term following a public listing of the LHL common stock on the London Stock Exchange (“LSE”). LHL will control the timing and maximum number of drawdowns under this agreement and has no minimum drawdown obligation. Concurrent with a public listing of the company’s shares, Letoon will issue warrants to Nimbus Capital to purchase up to 6% of its common stock.
Led by CEO President and CEO Matteo Turi, Letoon has scientifically proven and innovative ultrasonic reclamation expertise to transform vegetable waste and plant matter into high value added nutrients and ingredients for the global pharmaceutical, cosmetic and food industries.
The company intends to use the funds to establish itself as a global leader in the recovery of high value added ingredients from vegetable waste and botanical products for use in the above mentioned industries.
FinSMEs
08/11/2023