US and UK Angels Come Together to Back UK Smart Labelling Company
A smart labelling company has secured more than £1.2m in funding from UK and US based angel investors, including matched funding from the Scottish Investment Bank.
The UWI label is an elapsed-time indicator designed to show whether or not already opened products with critical lifespans, including food, chemical reagents, glues and sealants, are still safe to use and consume. The deal represents a follow-on investment by existing US based angels who are joined by new angel investors based around the UK.
The smart label is still at the development stage, but product trials are planned with a number of companies across various sectors in early 2015. UWI chief executive and founder Pete Higgins developed the smart label after taking a previously opened jar of mayonnaise from his refrigerator while making lunch for his eight-year-old son. Mr Higgins said: “While allowing UWI to move into the next phase of growth and deliver product to market, the investment is also a huge endorsement of our overall strategy and outlook, from influential investors both here in the UK and America.”
MBM Commercial LLP are the UWI’s legal advisers.
Many thanks to MBM Commercial for submitting this news.