Tekcapital (TEK ) says MicroSalt, a low-sodium salt developed and manufactured by its subsidiary company, Salarius, has completed an oversubscribed Reg CF Crowdfund.
The UK intellectual property investment group, owns 97.2% of the share capital of Salarius Ltd. and approximately 76% of the share capital of MicroSalt, said MicroSalt has now achieved its goal of $750,000 as part of the company’s oversubscribed crowdfund.
The current post-money valuation of MicroSalt Inc. is around U.S. $5.75 million.
MicroSalt develops a low-sodium salt called MicroSalt®. Its distinguishing feature is its small salt particles-- about one hundred times smaller than typical table salt-- that use a large surface area-to-volume ratio to generate a salty taste while using significantly less salt.
The particles of MicroSalt®, which is non-GMO and Kosher, are around 100 times smaller than table salt, allowing them to rapidly dissolve, producing a large sensation of saltiness.
Earlier this year, MicroSalt announced that it had been accepted to commence a roll-out of its SaltMe! crisps in Kroger Company, one of the largest supermarket chains in North America.
At the time of the announcement, MicroSalt told investors that the SaltMe! crisps would be available in more than 800 of these stores by 2022. That number is now set to grow from 800 stores to 1,800 stores. The roll-out is expected to commence next year in February 2022.
“We want to thank Kroger for their commitment to delivering better-for-you products to their customers. Consistent with recent FDA Guidelines, we strongly believe that the majority of the population will benefit from consuming less sodium. We are excited that for the first time, individuals will have nationwide access to SaltMe® Full Flavour-Low Sodium crisps early in 2022. This is a major win for consumers,” said Victor Hugo Manzanilla, CEO of MicroSalt®.
Last month, Tekcapital said MicroSalt was set to expand its multi-state roll-out of its SaltMe! Crisps from 800 to 1,800 stores of Kroger Company, the US’ largest supermarket by revenue.
In October 2021, shares in Tekcapital jumped after the company acknowledged a decision made by the U.S. Food and Drug Administration (FDA) to release voluntary sodium reduction goals for the food industry in what it described as “a major milestone” for the United States.
The new set of voluntary sodium reduction goals for the food industry will “provide measurable voluntary short-term (2.5-year) goals for sodium content in commercially processed, packaged, and prepared foods to reduce excess population sodium intake.”
Specifically, the goals were delivered by acting FDA Commissioner Janet Woodcock and Susan T. Mayne, Director of the FDA’s Center for Food Safety and Applied Nutrition.
Dr. Jennifer Ashton, Chief Medical Correspondent of broadcast network ABC News said the news “could be the biggest, most important intervention in a generation for public health.”
Tekcapital considers the decision from the regulatory body as ‘a significant milestone’ for its subsidiary company, Salarius, as it believes the new set of US FDA guidelines will encourage snack food manufacturers to reduce the sodium levels in their products across the board.
Salarius anticipates that the sodium reduction goals should have a positive impact on both business-to-business (B2B) sales of MicroSalt® and retail sales of SaltMe! Crisps.
The company said it believes that MicroSalt® as a brand “could be viewed as a timely, nationwide solution, to help food companies meet these guidelines without sacrificing the full-flavour of their snack foods, which is key to their successful on-going sales.”
The UK intellectual property investment group Tekcapital owns 97.2% of the share capital of Salarius Ltd. and approximately 87% of the share capital of MicroSalt Inc., its U.S. subsidiary.
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