The Electrospinning Company has raised almost £400,000 in a round supported equally by existing and new shareholders. STFC Innovations Ltd. and the Rainbow Seed Fund, together with Angel investors from Angels 5K, Minerva Investment Group, Wroxall Investor’s club and London Business Angels continued to support the growth of the company and were joined by Angel investors from Angels in MedCity, Surrey investor’s club and the crowdfunding platform Syndicate Room.
The investment allows the company grow its business in the regenerative medical device field and they have already used funds to acquire new electrospinning and scanning electron microscope equipment, thereby increasing capacity for the production and quality control of materials intended for human use. The company is also investing more in business development.
John Knight, secretary of Angels 5K and one of the first investors in the company, says: “The company is well organized, has a solid marketing plan and some exciting significant sales prospects. They have excellent products which, given time, will do well – beating the competition’s offerings hands down in the 3D market.”
Anthony Clarke, CEO of London Business Angels, says: “LBA members and our Enterprise Investment Scheme Fund invested into Electrospinning at seed stage in 2011, and have continued to support the company while it developed its IP and products with a good blend of equity and non-dilutive grant finance. The business is now poised for substantial growth in the fast-growing regenerative medicine products market, and is a good example of effective and patient angel capital led by a sector specific lead angel.”