The Electrospinning Company, a provider of clinical-grade electrospun biomaterials, has secured £1.5 million in additional funding in order to continue its push to develop on its position as one of the industry leaders in electrospun materials. The Investment was led by London based Venture Capital firm Downing Ventures, with supporting investment from Midven, Newable Private Investing and STFC.
The Company, based in Oxford, uses ‘electrospinning’ tech to design and manufacture “nanofiber scaffolds” – a form of biomaterial made from synthetic polymers that can aid in medical procedures and help to improve the patient experience. Established in 2010 as a spin-out from research undertaken by the UK Science and Technology Facilities Council (STFC) – the Company were the first to supply an electrospun material for use in a Food and Drug Administration (FDA) approved medical device.
Ann Kramer, Chief Executive Officer of the Electrospinning Company, commented: “We are excited about the prospects this new investment will bring for what we believe are highly flexible and extremely beneficial medical products. We are at an important growth inflection point for our business, as we enhance our technology platform and capacity. The funding will help us maintain the highest possible standards as we grow sales of an existing product, increase our customer offer and develop new biomaterials”
Prior to their investment in April 2019, the Electrospinning Company had already built a relationship with Midven through their involvement with the UKI2S fund and association with Minerva business angels. The Company wanted to add institutions to its investor base to complement its supportive business angels. Midven were pragmatic in structuring their investment to recognise the interests of the Company and existing investors.
The Electrospinning Company is the first investment from Midvens new GB EIS fund, through which it plans to deliver strong returns by investing into established SMEs with a clear route to exit.
Aanisah Begg, Investment Manager at Midven, commented: “Ann and her experienced team are ideally located to capitalise on the progress that they have already made. This investment will hopefully see them through the next stage of development and deliver the return on investment that we are aiming to achieve with this fund”
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