Wide Open Agriculture secures investment and European distribution deal for lupin-based proteins
Wide Open Agriculture (ASX: WOA) has secured an investment and distribution deal for its lupin-based proteins with UK clean ingredients company Ingå Group.
The deal was brokered through Wide Open’s wholly-owned subsidiaries Wide Open Plant Protein Pty Ltd and Wide Open Agriculture GmbH.
It will see Ingå invest approximately $825,000 into Wide Open Agriculture GmbH and acquire an estimated 15% stake in the subsidiary at a pre-money valuation of $4.8 million.
The proceeds will be used to fund ongoing working capital requirements and allow for faster scaling of Wide Open’s capabilities in Germany.
Ingå and Wide Open Agriculture GmbH will form a four-member advisory board to provide strategic guidance (but not day-to-day management) to the subsidiary.
Distribution agreement
Wide Open will also work towards granting Ingå the right to exclusively market and sell its lupin-based protein products (including Buntine Protein) across Europe.
A final distribution agreement is expected to be locked in by the end of this year.
It will not contain a minimum purchasing commitment but is likely to include other terms standard to commercial distribution agreements of this type.
Significant achievement
Wide Open chief executive officer Jay Albany said the deal with Ingå was a significant achievement.
“Joining forces with Ingå marks a milestone in our journey to revolutionise sustainable food production… Ingå’s investment and belief in our vision empowers us to scale new heights,” he said.
“The company has an impressive track record and commitment to sustainability which makes it the ideal partner for our European venture… we are excited to leverage Ingå’s expansive network and expertise to bring Buntine Protein to new markets.”
The future of food
Ingå chief executive officer Adrian Short echoed Mr Albany’s comments.
“We are thrilled to partner with an innovative company like Wide Open Agriculture as the company’s commitment to sustainability aligns perfectly with our vision for the future of food,” he said.
“This investment goes beyond financial implications — it is about fostering a sustainable food ecosystem and supporting Wide Open’s potential to be a leader in this space… we are committed to helping expand the company’s footprint in Europe.”