Bridges Fund Management has taken a majority stake in healthy school-meal provider Innovate Services.
Innovate caters healthy meals to 90,000 primary and secondary school students in 120 schools across England.
Bridges, a London-based impact investor, says the school-meals sector can improve education and health outcomes; studies tie nutritious meals to positive behavior and school performance.
“Promoting healthy eating in schools helps to combat obesity and fosters better long-term eating habits,” Bridges says in a statement.
With the £8.5 million ($11.9 million) investment, Bridges gains majority control of the company and says it will help build Innovate’s management team and scale the business.
The deal is the second investment from Bridges UK Sustainable Growth group this year.