LBA anchors a £250k investment round in The Electrospinning Company
The Electrospinning Company Limited is a nanofibre innovation and development company that was set up by the Rutherford Appleton Laboratory in Oxford in 2008 in order to use the electrospinning process to manufacture nanofibre structures and scaffolds for the biotech industry and in particular the rapidly emerging stem cell therapy sector. The company received initial seed funding of £100k from a Technology Seed Fund during 2008-2010 which enabled it to develop, launch and sell its first product as well as developing a prospect list of 75 potential customers and numerous industry collaborations. This positive growth led to the Company's CEO pitching to LBA's angel investors in September 2010. The company was seeking £150k of angel funding on the night.
LBA investors together with the LBA EIS Approved Roundtable Fund created a syndicate which invested £134k into the company earlier this year along with further investment of £120k from other angel investors and existing investors. A lead angel from LBA invested £50k and has also joined the Board of the Company.
Anthony Clarke, Managing Director of LBA comments: "My congratulations to Paul Neilson CEO of The Electrospinning Company for closing this £250k early stage round of investment. Whilst nanotechnology remains a complex sector for many angel investors, these applications offer real growth potential. Our in house EIS Fund is also delighted to have invested alongside a syndicate of LBA angels who are also prepared to assist the company in its future development and growth."
For further information and enquiries:
Contact: Paul Neilson, CEO
Email: paul.neilson@electrospinning.co.uk
Website: www.electrospinning.co.uk
London Business Angels
Anthony Clarke, Managing Director
Tel: +44 (0)20 7321 5672
E-mail: enquiries@lbangels.co.uk
Web: www.lbangels.co.uk
About London Business Angels
LBA is one of the oldest and most experienced private angel networks in the UK. Since the early 1980s the network has been connecting innovating fast growth small and medium sized enterprises with investment through our network of business angel investors. LBA, part of Angel Capital Group, is professionally managed by a highly experienced management team, leveraging over 15 years' experience in the early stage investment marketplace as established leaders in the development of new angel-led early stage investment initiatives, and nearly 30 years' investing experience through the LBA network. LBA is a founding member of the British Business Angels Association, the industry's best practice trade association, and is also a member of EBAN, the European Business Angels Network.
