Letoon Holding, a London-based company specializing in ultrasonic reclamation, has recently secured £20 million in funding. The investment comes from Nimbus Capital, who has agreed to provide Letoon with a Growth Equity Agreement. Under this agreement, Letoon will have access to up to £20 million for a period of 36 months, following the company's public listing of common stock on the London Stock Exchange (LSE).
As part of the agreement, Letoon will have full control over the timing and number of drawdowns, with no minimum drawdown obligation.
Additionally, Letoon will issue warrants to Nimbus Capital, allowing them to purchase up to 6% of the company's common stock. Led by CEO Matteo Turi, Letoon is known for its scientifically proven and innovative ultrasonic reclamation expertise. They specialize in transforming vegetable waste and plant matter into high-value nutrients and ingredients for the pharmaceutical, cosmetic, and food industries.
With the recent funding, Letoon aims to establish itself as a global leader in the recovery of high-value ingredients from vegetable waste and botanical products. They plan to further enhance their capabilities in serving the pharmaceutical, cosmetic, and food industries, solidifying their position as an industry pioneer in the process. The company's focus on sustainability and innovation makes it an attractive investment opportunity for Nimbus Capital, and this partnership is expected to drive Letoon's growth and expansion in the years to come.