An Oxford-based SME developing products for regenerative medicine and cell culture has become the third company to secure investment in the first year of Angels in MedCity, launched by MedCity, London Business Angels (LBA) and Angels4LifeSciences in October 2014 to grow a new community of angel investors for life sciences.
The Electrospinning Company, located at the Rutherford Appleton Laboratory, has raised £400,000 after attending an investment-readiness course and presenting to investors as part of the Angels in MedCity programme.
The latest funding brings the total investment raised by companies through Angels in MedCity to around £2.5 million, following successful funding rounds by SMEs Desktop Genetics and StepJockey in September.
Dr Eliot Forster, Executive Chair of MedCity says:
“Our goal in setting up Angels in MedCity was to bring more early-stage investors to life sciences so that companies with big potential can access the funding they need to get to the next stage of growth. A year after the initiative’s launch, I’m delighted to see a steady stream of funding announcements begin to flow. There are huge opportunities for investors in the life sciences sphere – our job is to make sure people who want to invest can access them.”
Established in 2010, Electrospinning designs, develops and manufactures materials for use in regenerative medical devices and markets a range of 3D cell culture products for use in regenerative medicine and drug discovery research. The new funding will be spent on business development and marketing to drive growth of developed products and services and on new equipment to increase capacity.
CEO Ann Kramer says:
“I am excited to be able to grow Electrospinning’s business in the regenerative device field supported by this fundraising. The opportunity to work with Angels in MedCity was valuable in placing our proposition in front of a varied group of potential investors who shared an interest in Medtech.
Anthony Clarke CEO of London Business Angels says:
“LBA members and our EIS Fund invested into Electrospinning at seed stage in 2011 and have continued to support the company whilst it has 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 investing into the life sciences sector”.
Angels in MedCity is co-funded by MedCity and the European Regional Development Fund as part of its Capital Accelerator Programme (CAP). CAP aims to help emerging innovative businesses in a wide range of sectors to locate new resources available in London and provide practical support that will enable them to raise investment funding and thereby to facilitate further job creation in London. The Angels in MedCity programme is devised and delivered by London Business Angels.