Scour Prevention Systems secures £100k LBA investment to close its £350k round
LBA are delighted to announce that Scour Prevention Systems Ltd (SPS) has successfully raised c. £350k. The company presented to LBA on 26 May 2011 looking for just £100k to close its funding round which included a £100k grant, and received an overwhelming response from our network, with firm offers for significantly more than this. SPS ultimately accepted £100k from two hands on value adding LBA investors.
The Suffolk based company is developing a novel and cost effective approach to combating the problem of ‘scour’ around offshore wind turbines and other offshore structures. The company is led by a management team with significant experience in the North Sea oil and gas industry as well as diving.
The investment will be used to accelerate growth of the business through completion of product trials, strengthening the patents and establishing a sales and marketing infrastructure, the immediate target being the vast North Sea offshore wind farms.
Anthony Clarke, LBA Managing Director comments: "This early stage company with a very experienced sector based management team impressed our investors with their novel approach to solving an acute industry problem. There were many disappointed LBA investors who missed out here!"
Mark Aspinall, CEO of Scour Prevention Systems notes: “LBA has been brilliant for us, and hopefully we'll be back over the next couple of years with other technologies that garner a similar level of interest.”
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 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.
About the LBA EIS Approved RoundTable Syndicate Fund
The LBA EIS Approved RoundTable Syndicate Fund is the culmination of 30 years’ experience of pioneering innovation in the UK Angel investment market. This FSA regulated HMRC Approved EIS Fund offers LBA Investors an innovative way to acquire a portfolio of investments, while taking advantage of the personal tax relief offered by the Enterprise Investment Scheme. The First £300k LBA EIS RoundTable Fund 2010 was fully invested in January 2011, making four investments in leading edge technologies during the previous year, spread across a range of sectors: Eykona (medtech); Syrinix (cleantech); ipadio (mobile); The Electrospinning Company (nanotech).
Following the successful 2010 Fund, the LBA EIS Approved RoundTable Syndicate Fund 2011-12 closed for subscriptions on 13 May 2011, being 40% larger at £420k, and aims to invest in 4-5 deals over the next 12 months. Once fully invested, fundraising will commence for EIS Fund 3 and LBA investors will be invited once again to participate.
